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Mortgage Apps Defy Coronavirus Woes and Post a 15% Increase
Wednesday, April 1, 2020
Well this was a surprise.
In a week when unemployment claims soared to the highest level in probably ever
and several large states went into a COVID-19 induced lockdown, the Mortgage
Bankers Association (MBA) announced a significant increase in mortgage
application volume. MBA's Market Composite Index, a measure of that volume,
which had dropped like a rock (-29.4 percent) during the week ended March 20, bounced
back by 15.3 percent on a seasonally adjusted basis and 15.0 percent unadjusted
during the week ended March 27. While application volume was up, purchase mortgage applications fell, down 11 percent from the previous
week on an adjusted basis and 10 percent before adjustment. The unadjusted
index was 24 percent below the same week in 2019. It was the largest drop in
the Purchase Index in a non-holiday impacted week since at least 2013.
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