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Purchase Applications Hit 21-Month High

A healthy increase in purchase mortgage applications last week was met
with shrinking refinance activity leaving the Mortgage Bankers Association’s
Market Composite Index for the week ended April 3 essentially unchanged. The
Composite, a measure of application volume, increased 0.4 percent on a
seasonally adjusted basis from the previous week and was 1.0 percent higher on
an unadjusted basis than the Composite for the week ended March 27.

The seasonally adjusted Purchase Index and its unadjusted counterpart
both increased by 7 percent compared to the previous week and the unadjusted
index was 12 percent higher than during the same week in 2014.  According to Michael Fratantoni, MBA’s Chief
Economist, it was the highest level of activity for the seasonally adjusted
Purchase Index since July 2013 and the third straight week that purchase volume
had increased. 

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