Source: Housing Wire —
Mortgage applications jumped 8.5% for the week ending March 4, as mortgage rates dropped for the first time in three months as a result of Russia’s war in Ukraine, the Mortgage Bankers Association (MBA) reported on Wednesday.
Borrowers’ demand for mortgages increased across the board. The MBA‘s seasonally adjusted refi index rose 8.5% from the previous week, with a larger gain in government refinances. Meanwhile, the purchase index was up 8.6% in the same period.
Compared to the same week one year ago, mortgage apps overall dropped 35.8%, with a sharp decline in refi (-49.9%) compared to purchase (-7.4%). The survey, conducted weekly since 1990, covers over 75% of all U.S. retail residential mortgage applications.