The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 2.1 percent to 854.5 on a seasonally adjusted basis for the week ending Feb. 20 from 837.1 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 6.7 percent for the week ending Feb. 20 compared with the previous week and declined 24.1 percent compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 55.7 percent of total applications for the week ending Feb. 20 compared to 56.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 27.1 percent.
Posted by gandlwoods at March 2, 2004 08:07 AM