Mortgage
application activity gave back much of the previous week’s gains as interest
rates increased. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of mortgage loan application volume, decreased 4.1
percent
on a seasonally adjusted basis during the week ended February 5 and was
down 3 percent before adjustment. The
Refinance Index, which had surged by 11 percent during the last week in
January, was down 4 percent last week but was still 46 percent higher than the
same week one year ago. The refinancing share of overall activity decreased to
70.2 percent from 71.4 percent the previous week.

 

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