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Mortgage Application Volume Bouncing Back as Rates Fall

Mortgage Application Volume Bouncing Back as Rates Fall

Mortgage application activity recovered nicely last week from a downturn during the previous holiday-shortened week, helped by a temporary drop in interest rates . The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 15.6 percent on a seasonally adjusted basis and was 26.0 percent higher on an unadjusted basis. The Refinance Index jumped 28.0 percent from the previous week and was also 28 percent above its level the same week one year ago. The refinance share of applications increased to 35.2 percent from 31.1 percent the previous week. [refiappschart] Applications for home purchases rose for the first time since May 3. The seasonally adjusted Purchase Index increased 9.0 percent and was 19.0 percent hig
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