MBA: Mortgage Applications Down 1.2%

Posted by Orb Staff on March 07, 2012 No Comments
Categories : Residential Mortgage

11063_dollarsignhouse MBA: Mortgage Applications Down 1.2% Mortgage applications decreased 1.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 2.

The MBA's market composite index fell 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, however, the index increased 10.2% compared with the previous week.

The MBA's refinance index decreased 2% from the previous week. The refinance share of mortgage activity decreased to 77% of total applications, the lowest since December 2011, from 77.9% the previous week.

The seasonally adjusted purchase index increased 2.1% from one week earlier, while the unadjusted purchase index increased 14.7% compared with the previous week and was 7.8% lower than the same week one year ago.Â

During February, the MBA determined that the investor share of applications for home purchase was at 6.1%, a decrease from 6.4 % in January. In addition, the share of purchase mortgages for second homes decreased to 5.8% in February from 5.9% in January.

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