- Mortgage applications increased three-weeks straight as the market gears up for spring home-buying season, according to the Mortgage Bankers Association. Weekly Mortgage Applications Survey for the week ending March 10 found that applications increased 3.1% from one week earlier.
- Both refinance and purchase applications rose, helping boost overall application volume. The Refinance Index increased 4% from the previous week, while the seasonally adjusted Purchase Index increased 2% from one week earlier.
- The refinance share of mortgage activity recorded a marginal increase and grew to 45.6% of total applications from 45.4% the previous week.
- The adjustable-rate mortgage share of activity now sits at 8.2% of total applications, the highest level since October 2014.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) now sits at its highest level since April 2014, growing to 4.46%, from 4.36%.
- The average contract interest rate for 15-year fixed-rate mortgages increased to 3.66% from 3.575, while the average contract interest rate for 5/1 ARMs decreased to 3.45% from 3.48%.