MBA Survey Finds Increase in Apps, Even as Rates Increase

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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