“The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a rise of 12.5% in the group’s seasonally adjusted composite index, compared with last week’s decrease of 5%. Unadjusted, the composite index rose by 12%.
Applications for refinancing rose 13% (seasonally adjusted), while seasonally adjusted purchase applications increased by 11% from the previous week. Unadjusted, the purchase index rose by 8% compared with the previous week and rose 22% compared with the same week a year ago.
This week’s report is very strong, and an MBA executive explains why:”
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