Lower Rates did little for Mortgage Application Volume

Mortgage applications were mixed and largely
flat during the week ended February 27. 
The Mortgage Bankers Association said its Market Composite Index, a
measure of application volume, increased 0.1 percent on a seasonally adjusted
basis from the week ended February 20. 
On an unadjusted basis the Index was up 12 percent from the previous
week which had been adjusted to reflect that period’s Presidents’ Day holiday.

The Refinancing Index eked out a 1 percent
increase from one week earlier and applications for refinancing made up 62
of all mortgage applications, unchanged from the week before.   The seasonally adjusted Purchase Index
slipped 0.2 percent while the unadjusted Purchase Index gained 14 percent
compared to the prior week but was 0.2 percent below its level during the same
week in 2014.

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