Posted To: MND NewsWire

A decline in purchase applications pulled overall volume lower during the week ended December 4. The Mortgage Bankers Association said its Market Composite Index declined 1.2 percent on a seasonally adjusted basis but was up 40 percent on an unadjusted basis compared to the previous week. The latter results had included an adjustment to account for the Thanksgiving holiday. The Purchase Index fell by 5.0 percent after adjustment but rebounded by 29 percent afterward when compared to the holiday week. It was up 22 percent from the same week in 2019. The Refinance Index increased 2 percent week-over-week and was 89 percent higher than a year earlier. The refinance share of mortgage activity increased to 72.0 percent of total applications from 69.5 percent the previous week. Refi Index vs 30yr…(read more)

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Source: Mortgage News Daily