Mortgage Volumes Among Best of Year; Pending Home Sales Recover; Rates at 2-Week Lows
Applications for both refinancing and home purchases gained ground during the week ended March 23. The result was the largest week-over-week gains for overall loan volume since mid-January. The Mortgage Bankers Association's (MBA's) Market Composite Index a measure of application volume, jumped 4.8 percent on a seasonally adjusted basis compared to the week ended March 16. On an unadjusted basis the index was up 5 percent. The Refinancing Index posted its largest positive change since the first week of 2018, rising 7.0 percent compared to the previous week. The refinance share of applications for the week rose to 39.4 percent compared to 38.4 percent a week earlier, reversing a slide that began in early February. Purchase mortgage volume continued to improve, rising for the fifth consecutive
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