Mortgage Bankers report on Loan Applications
The Mortgage Bankers Association (MBA) states that for the week ending May 7, "The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-decreased by 5.0 percent to 742.2 on a seasonally adjusted basis from 780.9 one week earlier. On an unadjusted basis, the Index decreased by 4.1 percent compared with last week and was down 45.2 percent compared with the same week one year earlier."
Further "The MBA seasonally adjusted Purchase Index increased by 2.4 percent to 494.3 from 482.5 the previous week. The seasonally adjusted Refinance Index decreased by 13.2 percent to 2184.6 from 2516.0 one week earlier."
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