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Mortgage Apps: Purchases Up, Refis Retreat During Holiday Hampered Week

Mortgage applications for home purchases managed to move higher for the second straight time last week in spite of the usual lag in activity that accompanies a holiday shortened work week.  The Mortgage Bankers Association said its Market Composite Index, a measure of application volume, declined 1.8 percent on a seasonally adjusted basis during the week ended September 17.  On an unadjusted basis the index was down by 13 percent, reflecting the Labor Day holiday on Monday. The weeks numbers were further adjusted to account for the holiday.

 

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