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Financial News: U.S. Mortgage Applications Grow 7.1% - MBA

U.S. Mortgage Applications Grow 7.1% - MBA

03/13/2024 - 08:52:00 (RTTNews)

(RTTNews) - Mortgage applications in the U.S. rose at a slower pace in the week ended March 8, weekly survey data from the Mortgage Bankers Association showed Wednesday.

The Market Composite Index, which measures the mortgage loan application volume, rose a seasonally adjusted 7.1 percent, data from the MBA Weekly Mortgage Applications Survey revealed.

Mortgage applications grew 9.7 percent in the previous week ended March 1.

The Purchase Index increased a seasonally adjusted 5 percent versus 11 percent in the previous week.

The Refinance Index increased 12 percent from the previous week after an 8 percent gain a week ago.

"Mortgage rates dropped below 7 percent last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months," MBA's SVP and Chief Economist Mike Fratantoni said.

The purchase application volume increased for the week but remained about 11 percent below last year's level and the refinance volume picked up by 12 percent, led by a 24 percent increase in the government refinance index, the economist said.

"While these percentage increases are large, the level of refinance activity remains quite low, and we expect that most of this activity reflects borrowers who took out a loan at or near the peak of rates in the past two years," Fratantoni added.

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