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Amazing Winning Streak For Home Purchase Applications Finally Levels Off

Wednesday, June 24, 2020

The nine-week string of increases in purchase mortgage applications came to an end last week and refinancing volume pulled back as well. Consequently, the Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of overall application volume during the week ended June 19 dropped significantly, down 8.7 percent on a seasonally adjusted basis. The index was 9.0 percent lower before adjustment. The seasonally adjusted Purchase Index decreased 3.0 percent from one week earlier. The unadjusted Purchase Index fell by 4.0 percent but was still up 18.0 percent compared to the same week in 2019. The Refinance Index dropped 12 percent from the previous week and was 76 percent higher than the same week one year ago. Applications for refinancing represented 61.3 percent of the total compared to 63.2 percent the previous week.

 

 

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Testimonial

"I just wanted to take the time to write and let you know what a miracle worker you are. I never thought in a million years I would get approved to purchase a home but you did it and what a tough job you had. You came through for me and never gave up and I wanted you to know that I am truly grateful. Now I have a place that I can call my own for my daughter and me. Kim, I tell everyone I talk to if they are looking to refinance or purchase a home to call you and you'll get the job done. Thank you so much."
Kyle