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Mortgage Application Volume Falls Back as Rates Rise

The flurry of mortgage activity during the week ended June 1st didn't last long.  Application volume resumed its months-long retreat last week as interest rates rose.  The Mortgage Bankers Association said its Market Composite Index, a measure of volume, fell back by 1.5 percent on a seasonally adjusted basis during the week ended June 8.  Because the previous week's data was adjusted to account for the Memorial Day Holiday, the June 8 index rebounded on an unadjusted basis, rising by 9.0 percent compared to earlier shortened week.

 

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