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Mortgage Applications Slowed as Many Rush to Beat the Adverse Market Fee

Posted To: MND NewsWire

Mortgage application volume has fallen into an up and down pattern over the last few weeks and last week went to the negative side. The Mortgage Bankers Association said its Market Composite Index decreased 4.8 percent on a seasonally adjusted basis during the week ended September 25 and lost 5 percent on an unadjusted basis. The Refinance Index fell by 7 percent but was 52 percent higher than the same week in 2019. Refinancing continues to dominate the action, although its share of total applications was down from 64.3 percent during the week ended September 18 to 63.3 percent. The Purchase Index decreased 2 percent on both an adjusted and unadjusted basis from the previous week but was 22 percent higher than the same week one year ago. An unbroken string of annual increases now dates back…(read more)

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