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Mortgage Apps Continue Gains, Forbearance Totals Drop Below 4 Million
Wednesday, July 22, 2020
Even with some
interest rates ticking higher, both purchase and refinance activity increased
last week. The Mortgage Bankers Association (MBA) said its Market Composite
Index, a measure of mortgage loan application volume, increased 4.1 percent on
a seasonally adjusted basis from one week earlier and was up 4.0 percent
unadjusted. It was the third consecutive week of gains. Refinancing put in
the stronger performance, that index increased 5 percent from the previous week
and was 122 percent higher than the same week in 2019. The refinance share of
mortgage activity rose to 64.8 percent of total applications from 64.2 percent
the previous week. The Purchase Index
was up 2.0 percent on both an adjusted and unadjusted basis. It was 19 percent
higher year-over-year.
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