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Purchase Apps Pick Up Some Slack From Falling Refi Volume

Mortgage applications
declined again during the week ended February 20.  The Mortgage Bankers Association (MBA) said
that its Market Composite Index, a measure of application volume, was down 3.5
percent on a seasonally adjusted basis from the week ended February 13.  There was also an adjustment to the data to
account for the Presidents’ Day Holiday which fell during the week.  On a non-adjusted basis the volume was down
12 percent from the previous week.

Refinancing activity
continued to retreat
.  The Refinance Index decreased
8 percent from the previous week and the refinancing
share of applications fell from 66 percent to 62 percent, the fourth decline in
five weeks.

…(read more)

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