The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, decreased by 0.2 percent to 1,114.9 on a seasonally adjusted basis for the week ending March 19 from 1,117.1 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased by 0.3 percent compared with last week and was down 25.6 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 63.1 percent of total applications for the week ending March 19 from 62.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.1 percent of total applications for the week ending March 19, compared to 27.9 percent the previous week, according to the report.