Mortgage application
volume edged slightly lower during the week ended September 24, with purchase
and finance applications sharing in the dip. The Mortgage Bankers Association (MBA)
said its Market Composite Index, a measure of that volume, decreased 1.1
percent on a seasonally adjusted basis from one week earlier. On an unadjusted
basis, the Index was 1 percent lower than the previous week. The
Refinance Index was down 1 percent from the previous week and was only
fractionally higher than the same week one year ago. The refinance share of
mortgage activity increased to 66.4 percent of total applications from 66.2
percent the previous week. The
seasonally adjusted Purchase Index also declined by 1 percent and was down 2
percent before adjustment. The Index was 12 percent lower than the same week
one year ago.


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