The Mortgage Bankers Association Weekly Mortgage Application Survey for the week of March 24 shows its Market Composite Index at 571.7.This is an increase of 1.2% on a seasonally adjusted basis from the 565.0 reported last week. The Purchase Index increased by 2.7% to 404.1 from 393.6 one week ago, while the Refinance Index fell by 1% during the same period to 1558.4 from 1574.5. The refinance share of mortgage activity fell to 37.3% of total application, from 38.1% the previous week. Meanwhile the share of adjustable-rate mortgages increased to 28.7%, up from 28.3% one week ago. The average contract rate for 30-year fixed-rate mortgages increased five basis points to 6.36%, with the points decreasing 11 basis points to 1.02. At the same time, average contract interest rate for the one-year adjustable increased 15 basis points to 5.83%, with points increasing 2 basis points to 0.88. More information on the survey is available at http://www.mortgagebankers.org.

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