Mortgage
application volume declined for the fifth straight week during the period ending
April 2, and by the largest amount over that period. The Mortgage Bankers
Association said its Market Composite Index fell by 5.1 percent on a seasonally
adjusted basis from the previous week and by 5.0 percent before adjustment. The
Refinance Index was down 5 percent compared to the previous week and was 20
percent lower than the same week one year ago
. The refinance share of mortgage
activity was 60.3 percent  compared to 60.6
percent the previous week. The
seasonally adjusted Purchase Index decreased 5 percent as well and the
unadjusted index was 4.0 percent lower. Purchases, however, were 51 percent
higher than the same week in 2020.

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