March Application Volume Ended on Sour Note

Posted To: MND NewsWire

The strong showing for both refinancing and purchase applications during the week ended March 23 didn't last, with both reversing course last week. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis during the week ended March 30, and was down 3 percent on an unadjusted basis. While MBA did not make any holiday related adjustments to its data, both Passover and Good Friday were observed during the week and may have affected application volumes. The Refinance Index, which had rebounded by 7 percent a week earlier, fell back by 5 percent and the share of applications that were for refinancing declined from 39.4 percent to 38.5 percent. It was the smallest market share for refinancing...(read more)

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