Despite a healthy upward
bump in purchase applications, overall mortgage volume declined last week. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of application volume, dipped 0.3 percent on a seasonally adjusted basis during
the week ended November 13, and was down 2 percent unadjusted. The week’s
results were not adjusted to account for the Veterans’ Day holiday that occurred
midweek. The Refinance
Index was down 2 percent
from the previous week but was 98 percent higher than
the same week one year ago. The refinance share of mortgage activity decreased
to 69.8 percent of total applications from 70.0 percent the previous week.


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