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Mortgage Applications Increase with Slight Rate Drop

A drop in mortgage rates paved the way for a rise in applications last week, the ""Mortgage Bankers Association"":http://mbaa.org/default.htm (MBA) reported.


According to the group's Weekly Mortgage Applications Survey, the Market Composite Index, a measure of loan application volume, rose 7.7 percent for the week ending March 22. On an unadjusted basis, the index increased 8 percent week-over-week.

The Refinance Index also increased, jumping 8 percent compared with the previous week. Refinance share remained flat at 75 percent of total applications, MBA reported.

Meanwhile, the Purchase Index increased 7 percent on a weekly basis (both adjusted and unadjusted). Compared to the same time in 2012, last week's index was 10 percent higher.

By MBA's measure, the average contract interest rate for a 30-year fixed-rate mortgage was 3.79 percent last week, down from 3.82 percent previously.

About Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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