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Purchase Mortgage Applications Lose Steam as Rates Rise

Posted To: MND NewsWire

Purchase mortgage applications, after starting out strong at the beginning of the year, stalled for the third straight time last week, bringing overall activity down. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of the volume of applications received, had its worst performance since mid-December. The index for the week ended February 9 was down 4.1 percent on a seasonally adjusted basis compared to the previous week and declined 2 percent on a non-adjusted basis as the seasonally adjusted index measuring those purchase mortgage applications lost 6 percent compared to the week ended February 2. The unadjusted index was 3 percent lower week-over-week but remained 4 percent higher than during the same period in 2017. The Refinancing Index last 2 percent…(read more)

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