By Jann Swanson
Posted To: MND NewsWire
It has been a tough winter and with spring less than a week away borrowers have apparently not yet emerged from hibernation. Applications for both home purchases and refinancing were lower during the week ended March 13 in spite of falling interest rates. The Mortgage Bankers Association (MBA) said this morning that its Market Composite Index, a measure of application volume, decreased 3.9 percent on a seasonally adjusted basis from the week ended March 6. The index has lost ground in six of the past eight weeks. On an unadjusted basis, the Index fell 4 percent. The Refinance Index decreased 5 percent from the previous week and the refinance share of mortgage activity declined 1 percentage point to 59 percent of all applications, the lowest share since last October. The seasonally adjusted…(read more)
Via:: No Spring in Mortgage Application Volume Yet
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