Mortgage application volume, which had fallen three weeks in a row, finally saw some improvement last week as interest rates plunged, the Mortgage Bankers Association said in a report today.
The MBA’s Market Composite Index increased 3.0 percent on a seasonally adjusted basis for the week ended February 29 to 684.9, up from 665.1 the prior week.
On an unadjusted basis, the Index was up 15.3 percent from the prior week, and up 1.1 percent from the same week a year ago.
The increase in application volume was attributed to both a rise in refinance and purchase applications, with each climbing 4.5 percent and 1.4 percent, respectively, from a week earlier.
The refinance share of applications increased slightly to 52.4 percent of total applications, up from 52 percent, while the adjustable-rate mortgage share rose to 17.3 percent from 15.6 percent.
The traditional 30-year fixed-rate mortgage fell to 5.98 percent last week, down from 6.27 percent, while the 15-year decreased more than 50 basis points to 5.26 percent from 5.77 percent.
Adjustable-rate mortgages were less favorable, with the one-year dipping ever so slightly to 5.83 percent from 5.84 percent one week earlier.
(photo: sendung)
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