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Mortgage Applications Decline for Third Week
Wednesday, September 2, 2020
Mortgage applications, both for home purchase and refinancing,
declined for the third straight time during the week ended August 28. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of loan application volume, lost 2.0 percent on a seasonally adjusted basis
compared to the previous week and was down 3.0 percent on an unadjusted basis. The Refinance Index was also 3.0 percent lower than
the prior week although it remained up 40 percent year-over-year. The share of
applications that were for refinancing ticked lower, also for the third
straight week, and is now at 62.5 percent. The seasonally adjusted Purchase Index declined 0.2
percent on an adjusted basis and 3.0 percent unadjusted. It was 28 percent
higher than the same week one year ago.
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