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MBA: Mortgage application volume up as refinancings increase
September 23rd, 2011 6:38am
The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending September 16 revealed the volume of home loan submissions increased as more homeowners attempted to refinance their mortgages.
The Market Composite Index, which measures mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis during the week. Unadjusted, the index was up 25.2 percent. The Refinance Index also grew, jumping 2.2 percent from the week before, while the Purchase Index was down 4.7 percent on an adjusted basis. Unadjusted the index increased 17.1 percent.
The four-week averages for each of the indices decreased during the week, according to the report. The Market and Refinance Indices' four-week averages were down 3.15 percent and 0.54 percent, respectively, while the Purchase Index average fell 3.91 percent on an adjusted basis.
Overall, refinance applications accounted for 78.3 percent of submissions, which is up from 76.8 percent the week before.
With more mortgage applications being submitted, the Houston real estate market may conduct even more sales in September after sales increased in August.
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