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Mortgage Applications Show Possible Signs of an Upturn?
Wednesday, April 29, 2020
The Mortgage
Bankers Association (MBA) reported a second strong week for purchase
applications last week although refinancing continued to dominate the mortgage
market. MBA's Market Composite Index, a
measure of application volume, was down 3.3 percent on a seasonally adjusted
basis during the week ended April 24 and was 2 percent on an unadjusted basis,
however, the adjusted and unadjusted Purchase Index rose 12 percent and 13
percent respectively from the prior week. Smaller increases (2.0 and 3.0
percent) during the week ended April 17 had ended a five-week string of declines.
Purchasing was still down 20 percent from the same week in 2019.
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