application volume fell sharply last week, the second decline of more than 6
percent in the past three weeks.
Refinancing was down for the fourth straight
week and the volume of purchase applications fell as well. The Mortgage Bankers
Association (MBA) said its Market Composite Index, which measures volume, was
down 6.3 percent on a seasonally adjusted basis from one week earlier and 6.0
percent before adjustment. Refinancing
led the way down. That index retreated by 7 percent from the previous week’s
level and was 22 percent lower than the same week one year ago. Refinancing still
dominated the market, although that share of applications decreased to 63.3
percent of total applications from 63.9 percent the previous week. The
Purchase Index was 5 percent lower
week-over-week on both an adjusted and an
unadjusted basis. It was down 12 percent compared to the same week one year


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