Posted To: MND NewsWire

Mortgage application volume declined again during the week ended March 12, as refinancing deflated in the face of rising interest rates. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 2.2 percent on a seasonally adjusted basis from one week earlier and was down 2 percent on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 39 percent lower than the same week one year ago. The index has declined in all but three weeks since the beginning of 2021 and is now 39 percent lower than during the same week in 2020. The refinance share of applications declined to 62.9 percent of total applications from 64.5 percent the previous week. Purchase applications were 2 percent higher than the week ended March…(read more)

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Published On: March 17, 2021 / Categories: Mortgage News /