The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased by 2.8 percent to 878.7 on a seasonally adjusted basis for the week ending Feb. 27 from 854.5 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index increased by 15.2 percent for the week ending Feb. 27
compared with the previous week and was down 29.3 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 56.4 percent of total applications for the week ending Feb. 27 from 55.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.8 percent of total applications for the week ending Feb. 27 compared to 27.1 percent the previous week, according to the report.
Posted by gandlwoods at March 7, 2004 08:03 AM