Posted To: MND NewsWire

Purchase mortgage applications rose for the 6 th straight week, driving the Mortgage Bankers Association’s Market Composite Index back into positive territory. The Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis during the week ended May 22. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The seasonally adjusted Purchase Index rose by 9 percent compared to one week earlier and was 7 percent higher on an unadjusted basis. The volume of purchase applications pulled ahead of the level during the same week in 2019 by 9 percent, the first year-over-year gain since the week ended March 6. The Refinance Index decreased 0.2 percent from the previous week but remained 176 percent higher than the same week…(read more)

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Source: Mortgage News Daily