Mortgage Apps are Loving Lower Rates, Loan Sizes Set Another Record

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Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) credited a strong start to the spring buying season for a big gain in mortgage applications during the week ended March 22. However, it appears that a surge in refinancing due to declining interest rates was an equal if not more important driver. MBA’s Market Composite Index, a measure of mortgage application volume, increased 8.9 percent on a seasonally adjusted basis during the week and was 9 percent higher unadjusted. It was the third consecutive increase and the largest in a non-holiday related week since July 2015. The Refinance Index increased 12 percent from the previous week and applications for refinancing accounted for 40.4 percent of the total. The prior week the refinancing share was 39.2 percent. The seasonally adjusted Purchase Index gained…(read more)

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