MBA Clocks 2% Rise In Mortgage Applications

ional mortgage applications registered a 2% rise in the week ending May 1,[/b] according to the Mortgage Bankers Association (MBA). MBA's Market Composite Index, a measure of mortgage loan application volume, was 979.7 – an increase of 2% on a seasonally adjusted basis from 960.6 one week earlier. On an unadjusted basis, the Index increased 2.4% compared with the previous week and 43.7% compared with the same week one year earlier. MBA's Refinance Index increased 1.2% to 5169.3 from 5108.2 the previous week and the seasonally adjusted Purchase Index increased 5% to 264.3 from 251.6 one week earlier. The Conventional Purchase Index increased 5.5% while the Government Purchase Index increased 4.4% The survey covers approximately 50% of all U.S. retail residential mortgage applications. SOURCE


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