For the second week in a row, mortgage application volume saw a decline in activity. According to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending February 26th, overall mortgage applications dropped by 4.8% on a seasonally adjusted basis from the previous week. While the Refinance Index dropped by 7%, the Purchase Index saw a 1% increase.
Interest rates showed little movement in the MBA’s survey. The average 30-year fixed-rate mortgage (FRM) interest rate for conforming loans decreased marginally from 3.85% the previous week to 3.83%. Although the 15-year FRM interest rate increased, it was also marginal, rising from 3.12% to 3.13%. Read the full survey results at http://bit.ly/1WVgJ30.