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Purchase Volume on Three-Week Winning Streak
Wednesday, May 6, 2020
Applications for
purchase mortgages increased for the third straight week, keeping overall
activity during the week ended May 1 virtually unchanged from the previous week.
Refinancing, while drifting lower, still provided the largest share of the
market. The Mortgage
Bankers Association (MBA) said its Market Composite Index, a measure of loan application
volume, increased 0.1 percent on a seasonally adjusted basis from one week
earlier and was up 1 percent on an unadjusted basis. Purchase applications rose
6.0 percent after seasonal adjustment.
The unadjusted index was 7.0 percent higher than the previous week but was down
19 percent year-over-year. Refinancing
accounted for 70.0 percent of applications during the week compared to 71.6
percent during the week ended April 24, but the Refinancing Index slipped by
2.0 percent. Volume, however, was still more than twice that of the same week
in 2019.
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