Posted To: MND NewsWire

Mortgage loan applications submitted during the week ended February 14 declined for the first time since mid-January. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, decreased 6.4 percent on a seasonally adjusted basis compared to the week ended February 7. On an unadjusted basis, the Index lost 5 percent. The Refinance Index also fell for the first time in for weeks , decreasing 8 percent from the previous week. However, it was still 165 percent higher than the same week one year ago . Refinancing applications accounted for 63.2 percent of total applications, down from 65.5 percent a week earlier. The seasonally adjusted Purchase Index decreased 3 percent but was up 2 percent on an unadjusted basis. Applications were 10 percent…(read more)

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Source: Mortgage News Daily