According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, was relatively flat last week, rising just 0.1 percent from the previous week. The slight increase was due to a 2.9 percent increase in the Purchase Index, which is now 3.0 percent higher than last year’s level. Refinance activity was also flat, falling less than one percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.05 percent from 4.04 percent the previous week. The rate for jumbo loans moved up to 4.32 percent. Also in the report, the investor share of purchase application demand fell to 5.7 percent in March, decreasing from 6.1 percent in February. More here.


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