Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reports that mortgage applications declined during the week ending September 11, 2020. The week’s results include an adjustment for the Labor Day holiday. MBA’s Market Composite Index, a measure of all mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from the previous week. It was down 13 percent on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 30 percent higher than the same week one year ago. The refinance share of mortgage activity was 62.8 percent of total applications compared to 63.1 percent the previous week. The seasonally adjusted Purchase Index was down 1 percent from one week earlier and 12 percent before adjustment. The index still remained higher than during…(read more)

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Source: Mortgage News Daily