Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said the volume of purchase mortgage applications declined for a second week but refinancing more than recovered from last week’s 7 percent loss. MBA’s Market Composite Index, a measure of mortgage loan application volume, increased 4.6 percent on a seasonally adjusted basis during the week ended October 2 and was 5 percent higher than the prior week on an unadjusted basis. The Refinancing Index rose 8 percent compared to the previous week and was 50 percent higher than the same week one year ago. Refinancing accounted for 65.4 percent of the week’s applications, up from 63.3 percent the previous week. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier and was down 1 percent without an adjustment. Purchasing volume was 21…(read more)

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Source: Mortgage News Daily