Mortgage Application Volume Inches Higher as Rates Find Their Footing

Mortgage Application Volume Inches Higher as Rates Find Their Footing

A second week of declining interest rates prompted another increase in mortgage activity last week, the third in as many weeks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, gained 3.0 percent on both a seasonally adjusted and unadjusted basis.  The Refinance Index was 5 percent higher than the week ended March 10 but was down by 68 percent from the same week in 2022. Refinancing accounted for 28.6 percent of applications, up from 28.2 percent a week earlier.   [refiappschart] The seasonally adjusted Purchase Index increased 2 percent from one week earlier and was up 3 percent on an unadjusted basis. Purchase activity is 36 percent lower year-over-year.   [purchaseappschart] "Treasury yields declin