Mortgage Applications Fall as Rates Move Higher in MBA Survey

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) reports that mortgage applications activity dropped slightly during the week ended November 16 compared to the week ended November 9. The Market Composite Index, a measure of application volume, was down 2.2 percent on a seasonally adjusted basis with an adjustment for the shorter week due to the Veterans Day holiday. On an unadjusted basis the index was down 13 percent. The Refinance Index decreased 3 percent from the previous week and refinancing held on to the same 81 percent market share as during that week. The seasonally adjusted Purchase Index increased 3 percent week-over-week and the unadjusted index was 6 percent lower than the same week in 2011. Purchase Index vs 30 Yr Fixed Refinance Index vs 30 Yr Fixed Interest rates were mixed. The average...(read more)

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Source: www.mortgagenewsdaily.com

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