Purchase Mortgage Gain Fails to Fill Refi Gap

Posted To: MND NewsWire

Mortgage application volume decreased for the second consecutive week as the growing pool of purchase mortgage applications just missed covering the gap from declining refinance activity. The Mortgage Bankers Association said its Market Composite Index, a measure of application activity, dipped 0.1 percent on a seasonally adjusted basis during the week ended April 28, and declined 1.0 percent unadjusted. Refinancing did not maintain last week’s flurry of activity. The Refinance Index lost 5 percent when compared to the week ended April 21 and refinancing applications fell back to a 41.6 percent share from 44 percent the previous week. The seasonally adjusted Purchase Index increased 4 percent from a week earlier and grew by 5 percent unadjusted. It was also 5 percent higher than during the…(read more)

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Source: Mortgage News Daily

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