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Wednesday, November 25, 2020

Another record low mortgage rate spur refinances and home purchases

MBA Mortgage Applications

Composite Index: +3.9% vs. -0.3% the previous week.

Purchase Index: +5.0% vs. +4.0% the previous week.

Refinance Index: +4.0vs. -2.0% the previous week.

30-year mortgage rate remains at 2.92% vs. 2.99%.

On a year-over-year basis, purchase mortgage apps up 19% and refis up 79%.

“Weekly mortgage rate volatility has emerged again, as markets respond to fiscal policy uncertainty and a resurgence in Covid-19 cases around the country,” said Joel Kan, MBA’s associate vice president of industry and economic forecasting.

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