Purchase Applications Stabilizing, Refis Rage On

Posted To: MND NewsWire

Purchase application volume was up slightly last week, the first gain since early March. Refinancing and overall volume, however, were flat. The Mortgage Bankers Association said its Market Composite Index, a measure of volume, decreased 0.3 percent on a seasonally adjusted basis during the week ended April 17. On an unadjusted basis it rose 0.1 percent. The seasonally adjusted Purchase Index rose 2.0 percent compared to the previous week and 3.0 percent unadjusted, but purchase mortgage activity was 31 percent lower than the same week in 2019. The Refinance Index was down 1.0 percent from its level during the week ended April 10 but was 225 percent higher year-over-year. The refinance share of mortgage activity decreased to 75.4 percent of total applications from 76.2 percent the previous…(read more)

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