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Refi Boom Remains Steady as Purchase Demand Continues to Heal
Wednesday, May 13, 2020
Last week was yet
another good one for purchase mortgage activity and refinancing, while
continuing to fade, was still at double its pace of a year ago. The Mortgage
Bankers Association (MBA) said the upshot was a slight increase in its Market
Composite Index, a measure of mortgage loan application volume. It gained 0.3 percent on a seasonally adjusted basis from one week earlier and was 1
percent higher on an unadjusted basis. The volume of
purchase applications gained 11 percent compared to the previous week on both
an adjusted and an unadjusted basis. It was the fourth straight weekly increase
in the Purchase Index although it remains 10 percent below its level a year
earlier. The
Refinance Index decreased 3 percent from the previous week and was 201 percent
higher than the same week in 2019. The refinancing share of mortgage activity
decreased to 67.0 percent from 70.0 percent the previous week.
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