Mortgage Application Levels Blossom
The coming of spring seems to have warmed up the homebuying process, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 23.
The Market Composite Index rose by 4.8 percent on a seasonally adjusted basis from one week earlier while the unadjusted index was up by an even five percent. The seasonally adjusted Purchase Index increased three percent from one week earlier and the unadjusted index took a four percent rise while score an eight percent advantage from the same week one year ago. The Refinance Index increased seven percent from the previous week and the refinance share of mortgage activity increased to 39.4 percent of total applications from 38.5 percent the previous week.
Among the federal program, the FHA share of total applications decreased to 9.9 percent from 10.3 percent the week prior and the VA share of total applications decreased to 10.3 percent from 10.7 while the USDA share of total applications remained unchanged at 0.8 percent.