Purchases, Refinances Push Mortgage Application Activity Up: MBA
Refinancing application activity reached its highest level since Jan. 14 in the week ending March 4, while purchase application activity reached its highest level this year, according to the Mortgage Bankers Association’s weekly Mortgage Applications Survey, released March 9.

The survey showed that the Market Composite Index, which measures mortgage loan application activity, jumped 15.5 percent on a seasonally adjusted basis from the previous week. On a non-adjusted basis, the index increased 16.1 percent from the previous week. The four-week moving average for the Market Index rose 2.7 percent on a seasonally adjusted basis.

The Refinance Index increased 17.2 percent from the previous week. Refinancing made up 65.5 percent of applications, up from 64.9 percent the previous week, while adjustable-rate loan activity nudged up 0.5 percent to 6 percent. The four-week moving average for the Refinance Index rose 3.6 percent on a seasonally adjusted basis.

The MBA’s March 4 Purchase Index increased 12.5 percent from the previous week on a seasonally adjusted basis. On a non-adjusted basis, the index rose 14.3 percent from the previous week, down 14.3 percent from a year ago. The four-week moving average for the Purchase Index increased 1.2 percent on a seasonally adjusted basis.

The average rate on a 30-year fixed loan increased from the prior week’s 4.84 percent to 4.93 percent, while points, including origination fees, fell from 1.29 to 0.87 for 80 percent loan-to-value ratio loans, according to the MBA. The average rate on a 15-year fixed loan remained steady at 4.17 percent, while points, including origination fees, inched up from 1.07 to 1.15.