Mortgage applications rise by 6.2 percent in latest survey, due mostly to refinancing

The Market Composite Index, a measure of mortgage loan application volume, increased 6.2 percent on a seasonally adjusted basis from one week earlier. The Refinance Index increased 8 percent from the previous week and is at its highest level since the week ending October 12, 2012. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The refinance share of mortgage activity increased to 84 percent of total applications from 82 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained at 3 percent of total applications. The HARP share of refinance applications increased to 29 percent from 27 percent the prior week.




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