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Purchase Applications Decline Even as Rates Move Lower

Wednesday, August 26, 2020

Mortgage applications volume fell for the second time during the week ended August 21, declining 6.5 percent from the previous week according to the Mortgage Bankers Association's (MBA's) seasonally adjusted Market Composite Index. The volume was down 7.0 percent before adjustment. The Refinancing Index lost 10 percent from the previous week's level and the refinancing share of all activity declined 2 percentage points to 62.6 percent. The Index was still 34 percent higher than during the same week in 2019. The seasonally adjusted Purchase Index eked out an 0.4 percent gain but was down 2.0 percent on an unadjusted basis. It was 33 percent higher than the same week one year ago.

 

 

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Linden was very professional, knowledgeable, efficient, patient and personable. All of these qualities played an important part of processing and closing the loan. Linden was great through the whole process of working with me, to working with the real estate company, and other offices involved. I know the seller’s real estate agent was rude and hard to work with at times. It was unfortunate that Linden had to deal with it but he handled the situation professionally. Also, I was gone 95% of the time traveling for work while buying the home. Linden was great about working with me while I was away and helped keep things moving and organized. It was greatly appreciated.
Victoris S.