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Rising Rates Hampered Refinance Activity This Week
Wednesday, March 10, 2021
Mortgage application
volume turned lower again this week after longer term rates rose again, pulling
more steam out of refinancing. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of that volume, decreased 1.3 percent on a
seasonally adjusted basis from one week earlier. On an unadjusted basis, the
Index was down 1 percent compared with the previous week. The Refinance
Index fell 5 percent from the previous week and was 43 percent lower than the
same week one year ago. Refinancing still made up the majority of applications
however, a 64.5 percent share compared to 67.5 percent of the volume a week
earlier. The seasonally
adjusted Purchase Index rose 7 percent from one week earlier and was 9 percent
higher on an unadjusted basis. Purchase volume was 2 percent greater than the
same week one year ago.
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