Posted To: MND NewsWire

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…(read more)

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Source: Mortgage News Daily