Housing Data Brings Good News, Mortgage Applications Climb by 9.7%
- Mar 25, 2024
Looks like April is coming in all bright and lucky for soon-to-be & current homeowners!
According to the Mortgage Bankers Association (MBA), the first week of March witnessed a noteworthy shift in mortgage activity. The Application volume saw a substantial 9.7% increase on a seasonally adjusted basis compared to the previous week.
IUnadjusted figures are even more attractive, revealing a remarkable 12.0% surge in the Index. Compared to the first two months of 2024, the refinance application volume increased by 8.0%during the week ending March 1. However, when we look at the same week in the previous year (2023), the increase was slightly lower at 2.0%. Additionally, the part of all mortgage activity related to refinancing went down a bit from 31.2 percent to 30.2%. This suggests that a slightly smaller portion of people were looking to refinance compared to the previous week.