A surge in applications for mortgage refinances — especially government-backed refinances — drove an impressive increase in overall new applications for residential loans.
Based on the Market Composite Index for the week ended Aug. 5, new mortgage applications climbed over 7 percent on a seasonally adjusted basis from a week earlier.
Even without any seasonal adjustments, the index — a measure of retail residential loan application volume — rose 7 percent compared to the report from the prior week.
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From:: Financing