MBA Mortgage Applications Surge in Week Ending March 20

(CEP News) - Weekly mortgage applications in the United States advanced in the week ending March 20, according to data released from the Mortgage Bankers’ Association (MBA) on Wednesday, which reported a 32.2% week-over-week increase in applications.

In the previous week, applications were up 21.2%.

The portion of fixed-rate mortgages rose 33.0%, after rising 21.7% previously, while those opting for variable rates fell 7.7% after the previous week’s 2.8% increase.

Compared to last year, the market composite index rose 18.0%.

The average loan size was $231.5k, compared to previous week’s $224.9k.

The average interest rate for a 30-year fixed-rate mortgage moved down to 4.63% from 4.89%.

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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Posted in Categories: Economy, Housing, Releases, USA.

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