The volume of mortgage
applications ticked up last week for the first time in three weeks, but an
uptick was the extent of it. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of that volume, increased 0.2 percent on a
seasonally adjusted basis from one week earlier and was 0.4 percent higher on
an unadjusted basis. Over the previous two weeks the index had lost an
aggregate of 8.0 percent. The
Refinance Index decreased 1 percent from the prior week and was 16 percent
lower than the same week one year ago. The
refinance share of mortgage activity decreased to 63.9 percent of total
applications from 64.5 percent. The
Purchase Index gained 2 percent week over week on both an adjusted and an
unadjusted basis. It was down 10 percent compared to the same week in 2020.

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