Applications for mortgage financing increased again during the week ended February 7 despite a significant decline in those for home purchases. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, rose 1.1 percent on a seasonally adjusted basis from one week earlier and 3 percent on an unadjusted basis. MBA's Purchase Index dropped by 6 percent on a seasonally adjusted basis compared to the week ended January 31 although it eked out a fractional gain on an unadjusted basis. The unadjusted Purchase Index was, however, 16 percent higher than during the same week in 2019.

 

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