Posted To: MND NewsWire

Mortgage activity during the week ended November 29 was predictably impacted by the Thanksgiving Day holiday which effectively shortened the business week to three days. The Mortgage Bankers Association (MBA) says its data on application volume contains an adjustment to account for the holiday. MBA’s Market Composite Index, a measure of that volume, fell by 9.2 percent on a seasonally adjusted basis from one week earlier and was down 38 percent on an unadjusted basis. The Refinance Index decreased 16 percent from the week ended November 22 but was still 61 percent higher than the same week one year ago which did not contain a holiday. The refinance share of mortgage activity decreased to 59.0 percent of total applications from 62.0 percent the previous week. The seasonally adjusted Purchase…(read more)

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Source: Mortgage News Daily