Latest MBA Weekly Survey Shows Mortgage Applications Rose

The Mortgage Bankers Association (MBA) released their weekly mortgage application survey results for the week ending March 22nd. Application volume rose 7.7% from the prior week with refinances increasing by 8% and purchases increasing by 7%, both on a seasonally adjusted basis. The refinance share of application activity stayed at “75 percent of total applications” while the share of HARP “refinance applications decreased to 29 percent from 31 percent the prior week.”

The average mortgage interest rates for 30-year fixed rate mortgages decreased for both conforming and jumbo loans from last week landing at 3.79% from 3.82% and 3.90% from 3.95% respectively. The average 15-year fixed rate mortgage interest rate remained unchanged at 3.02%.

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