application volume rose for the first time since mid-April last week. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of that volume, increased 2.1 percent on a seasonally adjusted basis during the
week ended May 7 and was 2.0 percent higher on an unadjusted basis. The Refinance
Index gained 3 percent from the previous week but was down 12 percent from its
level during the same week one year ago. The refinance share of mortgage activity
increased to 61.3 percent of total applications from 61.0 percent the previous
week. Both the
seasonally adjusted and the unadjusted Purchase Indices grew by 1 percent from the
prior week. The unadjusted Purchase Index was 13 percent higher than the same week
in 2020.



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