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Refinance Activity Pulls Back as Rates Move Higher

Posted To: MND NewsWire

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…(read more)

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