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Mortgage Apps Defy Coronavirus Woes and Post a 15% Increase

Posted To: MND NewsWire

Well this was a surprise. In a week when unemployment claims soared to the highest level in probably ever and several large states went into a COVID-19 induced lockdown, the Mortgage Bankers Association (MBA) announced a significant increase in mortgage application volume. MBA’s Market Composite Index, a measure of that volume, which had dropped like a rock (-29.4 percent) during the week ended March 20, bounced back by 15.3 percent on a seasonally adjusted basis and 15.0 percent unadjusted during the week ended March 27. While application volume was up, purchase mortgage applications fell, down 11 percent from the previous week on an adjusted basis and 10 percent before adjustment. The unadjusted index was 24 percent below the same week in 2019. It was the largest drop in the Purchase Index…(read more)

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