Posted To: MND NewsWire

In its last report of 2020, the Mortgage Bankers Association (MBA) said refinancing represented nearly three-quarters of application activity during the week ended December 18 while purchase applications declined. MBA’s Market Composite Index, a measure of mortgage loan application volume, increased 0.8 percent on a seasonally adjusted basis from one week earlier and was up 1 percent on an unadjusted basis. The Refinance Index increased 4 percent from the previous week and was 124 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 74.8 percent of total applications from 72.7 percent the previous week. The seasonally adjusted Purchase Index dropped by 5 percent from the previous week and was 7 percent lower unadjusted. Purchase activity was…(read more)

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Source: Mortgage News Daily