Mortgage Apps Surge in Response to Lower Rates

Posted To: MND NewsWire

Mortgage applications increased for the second week as interest rates again ticked lower at well under 5 percent. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, increased 5.3 percent on a seasonally adjusted basis during the week ended February 22. As that week began with the President's Day holiday, data was adjusted to account for the shortened week. On an unadjusted basis, the Index was down 3 percent compared with the week ended February 15. The seasonally adjusted Purchase Index increased 6 percent from one week earlier while the unadjusted version ticked down 1 percent week-over-week and was 3 percent higher than the same week one year ago. The Refinance Index increased 5 percent and the refinance share of mortgage activity...(read more)

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