Decline in Refis Pulls Mortgage Application Volume Lower
Mortgage application volume declined again last week, dragged down by flagging refinance activity. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of that volume, decreased 2.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was down by 3 percent. The Refinance Index decreased 4 percent from the previous week and was 2 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 66.8 percent of total applications from 67.3 percent the previous week. The seasonally adjusted Purchase Index gained 1 percent on the prior week but fell 2 percent on an unadjusted basis. It was 16 percent lower than the same week in 2020.
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