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Mortgage Application Volume Recovers its Momentum

Friday, July 10, 2020   /   by Erik Bjorklund

Mortgage Application Volume Recovers its Momentum

Mortgage application
volume bounced back into positive territory last week, even though banks and
many businesses were closed on Friday for the Independence Day Holiday. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of that volume, was 2.2 percent higher on a seasonally adjusted basis, which
included an adjustment for the holiday, from the previous week, although volume
was down 8 percent before adjustment. The Refinance
Index rose 0.4 percent
week-over-week and was 111 percent higher than the same
week one year ago. The refinance share of mortgage activity decreased to 60.1
percent of total applications from 61.2 percent the previous week. The seasonally
adjusted Purchase Index gained 5 percent week-over-week while declining by the
same amount before adjustment. It was up 33 percent compared to the same week
in 2019.


...(read more)

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