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Mortgage Applications Slowed as Many Rush to Beat the Adverse Market Fee
Wednesday, September 30, 2020
Mortgage
application volume has fallen into an up and down pattern over the last few
weeks and last week went to the negative side. The Mortgage Bankers Association
said its Market Composite Index decreased 4.8 percent on a seasonally adjusted
basis during the week ended September 25 and lost 5 percent on an unadjusted
basis. The Refinance
Index fell by 7 percent but was 52 percent higher than the same week in 2019. Refinancing
continues to dominate the action, although its share of total applications was
down from 64.3 percent during the week ended September 18 to 63.3 percent. The Purchase Index
decreased 2 percent on both an adjusted and unadjusted basis from the previous
week but was 22 percent higher than the same week one year ago. An unbroken string
of annual increases now dates back to the week ended May 22.
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