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Refinancing Continues Slide; Volume Flat

Wednesday, March 11, 2015

Applications for purchase mortgages picked up a little steam this week even as application volume overall remained flat.  The Mortgage Bankers Association said that its Market Composite Index, a measure of application volume, was down 1.3 percent during the week ended March 6 on a seasonally adjusted basis and the unadjusted index lost 1 percent compared to the previous week.

The seasonally adjusted Purchase Index gained 2.0 percent from the week ended February 27 and the unadjusted version was up 3.0 percent.  The unadjusted Purchase Index was also 2.0 percent higher than during the same week in 2014.  These gains were offset by a 3 percent week-over-week decline in the Refinance Index.

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