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Refi Application Volume Recovers From Last Week's Loss
Wednesday, October 7, 2020
The Mortgage Bankers Association (MBA) said the
volume of purchase mortgage applications declined for a second week but
refinancing more than recovered from last week's 7 percent loss. MBA's Market Composite
Index, a measure of mortgage loan application volume, increased 4.6 percent on
a seasonally adjusted basis during the week ended October 2 and was 5 percent
higher than the prior week on an unadjusted basis. The Refinancing
Index rose 8 percent compared to the previous week and was 50 percent higher
than the same week one year ago. Refinancing accounted for 65.4 percent of the
week's applications, up from 63.3 percent the previous week. The seasonally
adjusted Purchase Index decreased 2 percent from one week earlier and was down 1
percent without an adjustment. Purchasing volume was 21 percent higher than the
same week one year ago.
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