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Purchase Volume Continues Higher Despite Rising Rates

It would appear that Refis' time in the sun is listing back towards purchases, as mortgage rates increased for the second straight week and application volume retreated further. The Mortgage Bankers Association's Market Composite Index, a measure of that volume, decreased 3.5 percent on a seasonally adjusted basis from the week ended April 5.  On an unadjusted basis, the Index was down 3 percent.  The Refinance Index decreased 8 percent from the previous week and the share of applications that were for refinancing dropped from 44.1 percent down to 41.5 percent. Falling interest rates had driven the refinancing share over 47 percent at the end of March.

 

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