Posted To: MND NewsWire

Applications for purchase mortgages increased for the third straight week, keeping overall activity during the week ended May 1 virtually unchanged from the previous week. Refinancing, while drifting lower, still provided the largest share of the market. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume, increased 0.1 percent on a seasonally adjusted basis from one week earlier and was up 1 percent on an unadjusted basis. Purchase applications rose 6.0 percent after seasonal adjustment. The unadjusted index was 7.0 percent higher than the previous week but was down 19 percent year-over-year. Refinancing accounted for 70.0 percent of applications during the week compared to 71.6 percent during the week ended April 24, but the Refinancing…(read more)

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Source: Mortgage News Daily