Posted To: MND NewsWire
Mortgage application volume declined for the third consecutive time during the week ended March 19 as refinancing continued to retreat. The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey revealed a 2.5 percent decrease in the seasonally adjusted Market Composite Index , a measure of mortgage loan application volume. The Index was down 2.0 percent before adjustment. The Refinance Index declined 5 percent from the previous week and was 13 percent lower than the same week one year ago. Refinancing accounted for 60.9 percent of the week’s applications compared to 62.9 percent during the week ended March 12. The Purchase Index increased 3 percent on both an adjusted and unadjusted basis. It was 26 percent above its level during the same week in 2020. Refi Index vs 30yr…(read more)
