Mortgage application
volume turned lower again this week after longer term rates rose again, pulling
more steam out of refinancing. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of that volume, decreased 1.3 percent on a
seasonally adjusted basis from one week earlier. On an unadjusted basis, the
Index was down 1 percent compared with the previous week.  The Refinance
Index fell 5 percent from the previous week and was 43 percent lower than the
same week one year ago.
Refinancing still made up the majority of applications
however, a 64.5 percent share compared to 67.5 percent of the volume a week
earlier. The seasonally
adjusted Purchase Index rose 7 percent from one week earlier and was 9 percent
higher on an unadjusted basis. Purchase volume was 2 percent greater than the
same week one year ago.

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