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Refinance Volume Ramps Down on Rising Rates; Mortgage Bonds Beat Treasuries, But No Big Bounce

Refinance Volume Ramps Down on Rising Rates; Mortgage Bonds Beat Treasuries, But No Big Bounce

Mortgage application volume rose for the first time in four weeks during the week ended February 26, but it was only a marginal increase. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 0.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index was 0.1 percent higher than during the week ended February 19 and was up 7 percent from the same week in 2020. The refinance share of mortgage activity decreased to 67.5 percent of total applications from 68.5 percent. The seasonally adjusted Purchase Index increased 2 percent and was 5 percent higher on an unadjusted basis. Volume grew 1 percent compared to
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