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Mortgage Application Volume is Up, Forbearances Continue to Wane

MORTGAGE NEWS DAILY
BY: JANN SWANSON
Jul 15 2020, 7:55AM


The Mortgage application volume increased last week, bouncing back slightly from the prior holiday shortened period. Bankers Association (MBA) said its Market Composite Index, a measure of volume, gained 5.1 percent on a seasonally adjusted basis during the week ended July 10 and was 16 percent higher before adjustment. The volume during the week ended July 3 was adjusted to account for the Independence Day holiday.

The Refinance Index increased 12 percent from the previous week and was 107 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 64.2 percent of total applications from 60.1 percent the previous week. The seasonally adjusted Purchase Index declined by 6 percent but was 5 percent higher unadjusted than during the prior week and 16 percent higher than the same week in 2019.