On a seasonally adjusted basis, mortgage applications in the United States rose 3% in the week ending March 17, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.
The Refinance Index saw a 5% increase in comparison to the week prior, while tumbling 68% compared to the same week a year ago. The seasonally adjusted Purchase Index grew 2% on a weekly basis.
"Treasury yields declined last week, driven by uncertainty over the health of the banking sector and worries about the broader impact on the economy. Mortgage rates declined for the second week in a row, with the 30-year fixed rate dropping to 6.48 percent, the lowest level in a month," MBA’s Vice President and Deputy Chief Economist Joel Kan said.
