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Holiday Adjustments Skew Mortgage Applications

The week ended November 14 was a lackluster one for
mortgage activity.  Mortgage applications
during the week, as measured by the Mortgage Bankers Association’s (MBA’s)
Market Composite Index increased 4.9 percent on a seasonally adjusted basis but
on an unadjusted basis applications were down 7 percent.  The higher number included an adjustment to
account for the Veterans’ Day holiday which occurred mid-week.

Applications
for refinancing fell from 63 percent of all mortgage applications to a 61
percent share.  The Refinance Index
increased 1 percent from the week ended November 7.

 

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