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Purchase Applications Strengthen; Refis Wallow at Long-Term Lows

Posted To: MND NewsWire

Purchase mortgage applications held their ground for the third consecutive week, pushing the Mortgage Banker Association’s Market Composite Index a bit higher. The Index, a measure of mortgage loan application volume, increased 0.9 percent on a seasonally adjusted basis during the week ended March 9. The Index increased 2 percent on an unadjusted basis. There was a 3 percent gain in the seasonally adjusted Purchase Index. The unadjusted Purchase Index increased 5 percent compared with the week ended March 2 and was 3 percent higher than the same week one year ago. Refinancing’s influence on mortgage activity continues to wane. The Refinance Index declined for the fifth time in the last seven weeks, losing 2 percent in volume week-over-week. The refinancing share of total applications decreased…(read more)

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