The Smart Team of NOVA® Home Loans

ARM Activity at 30-Month High

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) said today that mortgage applications for both purchases and refinancing grew during the week ended March 3. The MBA’s Market Composite Index, a combined measure of both types of activity, rose by 3.3 percent on a seasonally adjusted basis when compared to the previous week. On an unadjusted basis the index was up 16 percent. Results from the prior week included an adjustment to account for the Presidents’ Day holiday. The seasonally adjusted Purchase Index increased by 2 percent from the week ended February 24 while the unadjusted Purchase Index rose 15 percent. Unadjusted, purchase activity was 4 percent higher than during the same week in 2016. The average loan size for purchase applications reached a survey high at $313,300. The Refinance Index bounced…(read more)

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Source: Mortgage News Daily

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