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Rates Continue to Stall Application Volume

Rates Continue to Stall Application Volume

The week ending February 23 produced the third consecutive period of declining mortgage activity. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from one week earlier and was down 3,0 percent before adjustment.   The Refinance Index declined 7.0 percent from the previous week’s level and was 1.0 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 31.2 percent from 32.6 percent the previous week. [refiappschart] The Purchase Index was down 5.0 percent on a seasonally adjusted basis and 1.0 percent before adjustment. Volume was 12.0 percent lower than the same week one year ago. [purchaseappschart] “ Mo
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