Mortgage applications in the United States grew by 2.9% in the week ending March 24 compared to the previous week, according to the latest survey by the Mortgage Bankers Association (MBA) on Wednesday. The Refinance Index increased 5% on a weekly basis but was 61% lower than a year ago. The Purchase Index was 2% higher wee-on-week, decreasing 35% on an annual basis.
"Home-price growth has slowed markedly in many parts of the country, which has helped to improve buyers’ purchasing power. Purchase applications remain over 30 percent behind last year’s pace, but recent increases, along with data from other sources showing an uptick in home sales, is a welcome development," MBA Vice President Joel Kan said.
