The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 25th showed purchase application activity outperformed refinances. The Purchase Index increased by 2% over the previous week on a seasonally adjusted basis. On an unadjusted basis, the Purchase Index climbed by 3% from one week earlier and was 21% greater than the same time last year. The Refinance Index, on the other hand, declined by 3% from the previous week with the refinance share of activity making up 52.4% of total applications, down from 53.9% the week before.
The average contract mortgage interest rate for 30-year fixed rate mortgages (FRM) for conforming loans and 15-year FRM saw minimal increases. The latest survey revealed that the average contract interest rate for 30-year FRM was up to 3.94% compared to the last survey when it was 3.93%. The average contract interest rate for 15-year FRM was 3.19% this week as opposed to 3.18% last week. Read the full survey results at http://bit.ly/1RJZwbG.