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Mortgage Applications Hit Recent Highs

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said application activity during the week ended November 8 was the strongest since late September , with both purchasing and refinancing indices posting gains. MBA's Market Composite Index, a measure of mortgage loan application volume, rose 9.6 percent on a seasonally adjusted basis from the week ended November 1. On an unadjusted basis, it was up 9.0 percent. The Refinance Index increased 13 percent from the previous week and was 188 percent higher than the same week one year ago. The share of total applications that were for refinancing increased to 61.9 percent from 59.5 percent the previous week. The Purchase Index , which had declined in four of the previous five weeks, posted a 5.0 percent increase on a seasonally adjusted basis and added 2.0 percent...(read more)