Purchase Application Activity Outperformed Refinance Activity in MBA’s Latest Survey

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.

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