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Amazing Winning Streak For Home Purchase Applications Finally Levels Off

Friday, July 10, 2020   /   by Erik Bjorklund

Amazing Winning Streak For Home Purchase Applications Finally Levels Off

The nine-week
string of increases in purchase mortgage applications came to an end last week

and refinancing volume pulled back as well. Consequently, the Mortgage Bankers
Association's (MBA's) Market Composite Index, a measure of overall application volume
during the week ended June 19 dropped significantly, down 8.7 percent on a
seasonally adjusted basis. The index was 9.0 percent lower before adjustment. The seasonally
adjusted Purchase Index decreased 3.0 percent from one week earlier. The
unadjusted Purchase Index fell by 4.0 percent but was still up 18.0 percent compared
to the same week in 2019. The Refinance
Index dropped 12 percent from the previous week
and was 76 percent higher than
the same week one year ago. Applications for refinancing represented 61.3
percent of the total compared to 63.2 percent the previous week.



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