Purchase Loan Applications Set New Price Record

Posted To: MND NewsWire

The volume of mortgage applications reversed a three-week losing streak to rise 1.5 percent on a seasonally adjusted basis last week. The Mortgage Bankers Association said its Market Composite Index for the week ended April 7 was also higher on an unadjusted basis, up 3 percent. Refinancing applications, which had declined in each of the previous three weeks, was unchanged from the week ended March 31. Refinancing applications had a 41.6 percent share of all applications submitted during the week, the lowest rate since September 2008, and down from 42.6 percent a week earlier. The seasonally adjusted Purchase Index rose 3 percent and the unadjusted index was up 5 percent compared to a week earlier. The average loan size for purchase mortgage applications set a new survey high at $318,700. The…(read more)

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Source: Mortgage News Daily

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