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Mortgage Application Volume Remains High Despite Rate Volatility
Wednesday, March 18, 2020
After
last week's report on a record-busting week for mortgage applications, with applications
for refinancing surging 79 percent and mortgage volume up nearly 55 percent
overall, one might expect that things would settle down a bit. What probably is
surprising, as the country goes into virtual lock down over the coronavirus
outbreak, is how strong activity remained. The
Mortgage Bankers Association (MBA) reports that, during the week ended March
14, its Market Composite Index, a measure of mortgage application volume,
decreased 8.4 percent on a seasonally adjusted basis and lost 8.0 percent on an
unadjusted basis. This left the volume of business 168 percent higher than the
same week in 2019.
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