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Mortgage Application Volume is Up, Forbearances Continue to Wane
Wednesday, July 15, 2020
Mortgage
application volume increased last week, bouncing back slightly from the prior
holiday shortened period. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of volume, gained 5.1 percent on a seasonally
adjusted basis during the week ended July 10 and was 16 percent higher before
adjustment. The volume during the week ended July 3 was adjusted to account for
the Independence Day holiday. The Refinance
Index increased 12 percent from the previous week and was 107 percent higher
than the same week one year ago. The refinance share of mortgage activity
increased to 64.2 percent of total applications from 60.1 percent the previous
week. The seasonally adjusted Purchase Index declined by 6 percent but was 5
percent higher unadjusted than during the prior week and 16 percent higher than
the same week in 2019.
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