Mortgage application volume falls 19.2%
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mortgage applications March 12th, 2008Mortgage application volume fell 1.9 percent during the week ending March 7, according to the trade group Mortgage Bankers Association’s weekly application survey released Wednesday.
The MBA’s application index fell to 671.7, from 684.9 the previous week.
Refinance volume dropped 4.7 percent, while purchase volume increased 1.6 percent. Refinance applications accounted for 50.6 percent of total applications. Refinance volume has steadily declined since January when it accounted for 73 percent of total applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 671.7 means mortgage application activity is 6.717 times higher than it was then.
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