Mortgage application volume surged 7.1% last week as mortgage rates fell below 7% amid signs of economic cooling, according to the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey.
The market composite index, a measure of mortgage loan application volume, increased 7.1% on a seasonally adjusted basis for the week ending March 8, compared to the prior week. On an unadjusted basis, applications jumped 8%.
“Mortgage rates dropped below 7% 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,” said MBA chief economist Mike Fratantoni.
Source: mpamag.com