Mortgage
application volume declined for the third consecutive time during the week ended
March 19 as refinancing continued to retreat. The Mortgage Bankers
Association’s (MBA) Weekly Mortgage Applications Survey revealed a 2.5 percent
decrease in the seasonally adjusted Market Composite Index
, a measure of
mortgage loan application volume. The Index was down 2.0 percent before
adjustment. The Refinance
Index declined 5 percent from the previous week and was 13 percent lower
than the same week one year ago. Refinancing accounted for 60.9 percent of the
week’s applications compared to 62.9 percent during the week ended March 12. The
Purchase Index increased 3 percent on both an adjusted and unadjusted basis. It
was 26 percent above its level during the same week in 2020.

 

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