Mortgage Applications Increase as Rates Drop in Latest MBA Weekly Survey
Press Release: Mortgage Bankers Association; March 6, 2013
WASHINGTON, D.C. (March 6, 2013) — Mortgage applications increased 14.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 1, 2013.
The Market Composite Index, a measure of mortgage loan application volume, increased 14.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index increased 15 percent from the previous week and was at its highest level since mid-January. The seasonally adjusted Purchase Index also increased 15 percent from one week earlier and was at its highest level since the week ending February 1. The unadjusted Purchase Index increased 18 percent compared with the previous week and was 17 percent higher than the same week one year ago.
The refinance share of mortgage activity was essentially unchanged from the previous week at 77 percent of total applications. The adjustable-rate mortgage (ARM) share of activity was unchanged at 4 percent of total applications.
Source: Press Release, Mortgage Applications Increase as Rates Drop in Latest MBA Weekly Survey (March 6, 2013) | Blog, In The News, provided and distributed by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee