Mortgage Applications Slide Despite Falling Rates

Mortgage application volume was mixed during
the week ended November 21. The Mortgage Bankers Association (MBA) reported
that its Market Composite Index, a measure of the volume of applications for
residential mortgages was down 4.3 percent from the previous week on a
seasonally adjusted basis but rose 5.0 percent on an unadjusted basis.  This discrepancy is probably accounted for by
an adjustment made in date the previous week to account for the Veterans Day

The Refinance Index was also down 4.0 percent
compared to the week ended November 14 but the share of applications made
during the week for refinancing rose from 61 percent to 63 percent.


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