The Smart Team of NOVA® Home Loans

Purchase Mortgage Applications Continue to Inch Up

Posted To: MND NewsWire

The volume of purchase mortgages continued to increase during the week ended March 31, but steadily shrinking refinance numbers once again pulled overall volume down. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application activity, declined for the third straight week, decreasing by 1.6 percent from the previous week on a seasonally adjusted basis. On an unadjusted basis the Index fell by 1 percent. The Refinance Index lost another 4 percent on top of 3 percent losses in each of the previous two weeks. The refinance share of all loan applications decreased to 42.6 percent from 44.0 percent. The Purchase Index gained 1 percent on both an adjusted and an unadjusted basis compared to the volume during the week ended March 24. The adjusted index has…(read more)

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Source: Mortgage News Daily

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