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Purchase Applications Hit 11yr High, Refi Boom Continues
Wednesday, June 17, 2020
Mortgage
Application volumes continued to grow during the week ended June 12 as mortgage
rates reached new lows and states allowed more businesses to reopen. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of application volume, increased 8.0 percent on a seasonally adjusted basis
from one week earlier. On an unadjusted basis, the Index was up 7 percent
compared with the previous week. The volume of
refinancing applications moved higher for the second straight week. That index
increased 10 percent compared to the week ended June 5 and was 106 percent
higher than the same week one year ago. Refinancing accounted for 63.2 percent
of application activity, up from 61.3 percent the prior week. The seasonally
adjusted Purchase Index rose for the ninth time, a gain of 4 percent. The
unadjusted Purchase Index increased 2 percent compared with the previous week
and was 21 percent higher than the same week one year ago.
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