Lower Rates Increase Government Loan Volumes
Both refinance and purchase applications increased slightly last week, and the Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 1.6 percent on a seasonally adjusted basis and 1.0 percent on an unadjusted basis from one week earlier. The Refinance Index increased 1 percent from the previous week and was 3 percent higher than the same week one year ago. The refinance share of mortgage activity remained unchanged from the previous week at 67.3 percent of total application The seasonally adjusted Purchase Index increased 3 percent, 1 percent before adjustment, from one week earlier. The unadjusted index was 16 percent lower than the same week one year ago.
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