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Mortgage Applications on the Rise Again Despite Rising Rates

Posted To: MND NewsWire

Mortgage applications increased for the second week on a seasonally adjusted basis even as interest rates rose. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 2.1 percent on a seasonally adjusted basis during the week ended June 18, and was 1 percent higher before adjustment. The Refinance Index was up by 3 percent compared to the prior week but was 9 percent lower than the same week in 2020. The refinance share of mortgage activity increased to 62.5 percent of total applications from 61.7 percent the previous week. The seasonally adjusted Purchase Index moved 1 percent higher and was 1 percent lower than the prior week on an unadjusted basis. Purchase mortgage applications were 14 percent lower year-over-year…(read more)

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