Mortgage loan application volume had a slight decline for the week ending March 10, according to The Mortgage Bankers Association (MBA) today in their Weekly Mortgage Applications Survey. According to the Market Composite Index, applications overall saw a decrease of 0.2 percent on a seasonally adjusted basis from the previous week.
The Purchase Index rose 1.0 percent from the previous week and the MBA reports the Refinance Index decreased by 1.9 percent over last week’s volume.
“Rates have stayed steady, and long-term rates remain near historic lows, supporting the housing market,” said Bob Walters, chief economist of Quicken Loans, the nation’s largest online lender. “Twenty-five percent of mortgages are ARMs that are scheduled to adjust in the next two years – that’s an estimated $2.2 trillion of loans. These homeowners will continue to take advantage of the opportunity to refinance into a fixed-rate program.”
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