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According to its Weekly Mortgage Applications Survey, the Mortgage Bankers Association recently revealed the total volume of home loan submissions decreased for the second-straight week.
For the week ending August 26, the MBA's Market Composite Index was down 9.6 percent on a seasonally adjusted basis. Unadjusted, the index declined 10 percent from the previous week. The company's Refinance Index fell even further, dropping 12.2 percent on an adjusted basis, while the Purchase Index was down 1.3 percent on a similar basis from the prior week.
"Accounting for the increase in average points paid, effective mortgage rates were little changed last week," said Michael Fratantoni, MBA vice president of Research and Economics. "Refinance application volume declined for a second week from recent highs, despite rates staying near a 10-month low, while purchase volume remained near 15-year lows."
The four-week moving averages for the Market and Refinance Indices both improved, growing 2.5 percent and 4.2 percent, respectively, both on a seasonally adjusted basis. The four-week average for the Purchase Index, however, declined 3.8 percent, as fewer consumers continued to buy homes in lieu of the recent economic turmoil.
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