An
increase in refinancing carried overall applications onto the plus side of the ledger
during the week ended October 30. The
Mortgage Bankers Association (MBA) said its Mortgage Applications Survey found
a slight decline in purchase applications but a significant gain in refinancing
compared to the previous week. This resulted in an increase of MBA’s Market
Composite Index, a measure of mortgage loan application volume, of 3.8 percent
on a seasonally adjusted basis from one week earlier and 3.0 percent on an
unadjusted basis. The Refinance Index rose 6 percent from the previous
week and was 88 percent higher than the same week one year ago. The refinance
share of mortgage activity increased to 68.7 percent of total applications from
66.7 percent during the week ended October 23. 

 

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