Mortgage Activity Jumps after Falling for Three Consecutive Weeks
Through the week ending March 1, per the the Mortgage Bankers Association’s (MBA) survey, total mortgage activity increased 9.7% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 7.02%. Rising 22 basis points over the past months, the 30-year FRM’s rates remain right around 7%
According to Eye On Housing, The Market Composite Index, a measure of mortgage loan application volume, rose by 9.7% on a seasonally adjusted (SA) basis from one week earlier after falling for three consecutive weeks. Both purchasing and refinancing activity rose, purchasing activity increased 10.6% and refinancing activity increased 8.1% week-over-week.
Purchasing activity continued to be lower than a year ago, down 8.6% compared to the same week last year. Refinancing activity saw a moderate pickup as rates fell from October through the start of the year but slowed as activity for the week ending March 1st was 2.2% lower than a year ago.