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Wednesday, September 21, 2011

Mortgage applications tick up slightly as refinancing activity grows

Much of the limited positive activity was driven by homeowners refinancing existing loans. The refinance index grew 2.2% over the previous week, while the seasonally adjusted purchase index fell 4.7% from a week earlier.
The MBA report says the refinancing share of mortgage activity in the U.S. represented 78.3% of all applications filed, compared to 76.8% a week earlier. The ARM share of activity fell from 7.3% to 6.7%.
The MBA released new data showing investors represented 5.7% of all homes purchased in August, up from 5.5% in July. New investor activity in the Pacific region also drove the increase, the MBA said.
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