Posted To: MND NewsWire

Mortgage applications , especially for home purchases, pulled back from the previous week’s level. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 0.5 percent on a seasonally adjusted basis during the week ended November 6. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. Refinancing remained the strength of the Composite Index and that component gained 1 percent week-over-week and was 67 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 70.0 percent of total applications from 68.7 percent the previous week. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. On an unadjusted basis it was down 5 percent but…(read more)

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Source: Mortgage News Daily