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Latest Mortgage App Volume Down Over Holiday-Shortened Week
Wednesday, September 16, 2020
The
Mortgage Bankers Association (MBA) reports that mortgage applications declined
during the week ending September 11, 2020. The week's results include an
adjustment for the Labor Day holiday. MBA's Market
Composite Index, a measure of all mortgage loan application volume, decreased
2.5 percent on a seasonally adjusted basis from the previous week. It was down
13 percent on an unadjusted basis. The Refinance
Index decreased 4 percent from the previous week and was 30 percent higher than
the same week one year ago. The refinance share of mortgage activity was 62.8
percent of total applications compared to 63.1 percent the previous week. The seasonally
adjusted Purchase Index was down 1 percent from one week earlier and 12 percent
before adjustment. The index still remained higher than during the same week in
2019, this time by 6 percent.
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