US Mortgage Applications Decline in the Week Ending March 14

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, March 14, the Market Composite Index—a measure of mortgage loan application volume—decreased 6.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.0% compared with the previous week.

The Refinance Index decreased 13.0% from the previous week but was 70.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 0.1% from one week earlier. The unadjusted Purchase Index increased 1.0% percent compared with the previous week and was 6.0% higher than the same week one year ago.

Commenting on the results of this week’s survey, MBA Senior Vice President and Chief Economist Mike Fratantoni said:

“Mortgage rates increased for the first time in nine weeks, with the 30-year fixed rate rising to 6.72%. This increase in rates led to a decrease in refinance volume. However, purchase application volume inched up to its highest level in six weeks, led by a 3% increase in FHA purchase applications. Overall, purchase application volume is up 6% compared to last year at this time. Growing inventories of homes on the market and steadier mortgage rates are supporting homebuying activity thus far this spring.”