Mortgage application volume declined
again during the week ended March 12, as refinancing deflated in the face of
rising interest rates. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of that volume, decreased 2.2 percent on a
seasonally adjusted basis from one week earlier and was down 2 percent on an
unadjusted basis. The Refinance Index
decreased 4 percent from the previous week and was 39 percent lower than the
same week one year ago.
The index has declined in all but three weeks since the
beginning of 2021 and is now 39 percent lower than during the same week in
2020. The refinance share of applications declined to 62.9 percent of total
applications from 64.5 percent the previous week.

 

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