Resurgence in Mortgage Applications: Details of the Latest US MBA Report

Wednesday, 13 March 2024, 11:00

The US MBA mortgage applications increased by 7.1% for the week ending 8th March, compared to a prior increase of 9.7%. The refinancing index showed a significant rise along with a modest rebound in purchases. The average 30-year mortgage rate fell, contributing to the uptick in activity.

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US MBA Mortgage Applications Report

The latest US MBA mortgage applications report indicates a 7.1% increase, following a prior uptick of 9.7%. The market index stood at 201.5 compared to 188.2 previously. Key figures include:

Purchase index: 147.7 vs 141.1 prior
Refinancing index: 480.3 vs 428.1 prior
30-year mortgage rate: 6.84% vs 7.02% prior

The drop in the average mortgage rate by 18 basis points saw a resurgence in both purchases and refinancing, facilitating a rebound in mortgage applications.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.