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Refinance Activity Pulls Back as Rates Move Higher
Wednesday, May 26, 2021
After three weeks
of gains, refinancing activity fell last week, pulling overall mortgage volume lower.
The Mortgage Bankers Association (MBA) says its Market Composite Index, a
measure of mortgage loan application volume, decreased 4.2 percent on a
seasonally adjusted basis during the week ended May 21 and was down 4.0 percent
from one week earlier. The Refinance
Index dropped 7 percent from the previous week and was 9 percent lower year-over-year.
Refinancing's share of mortgage applications decreased to 61.4 percent of total
applications from 63.3 percent during the week ended May 14. . The seasonally
adjusted Purchase Index gained 2 percent compared to the previous week. On an
unadjusted basis it was 1 percent higher week-over-week but lost 4 percent
compared to the same period in 2020.
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