Current Mortgage Rates
March 1, 2012 by staff
Current Mortgage Rates, Mortgage application volume across the US was down last week, according to the latest report from the Mortgage Bankers Association (MBA). The Market Composite Index – which is the measure for mortgage loan application volume – decreased 0.3 percent on a seasonally adjusted basis for the week ending February 24, 2012 compared to a week before. On an unadjusted basis the said index declined 9.4 percent compared to the previous week.
Refinance mortgage activity also dropped last week from the previous 80.1 percent it had before to 77.9 percent. The decline of refinance applications possibly reflects to the situation that many financialanlysts forecasted recently, saying that most borrowers who are qualified for the very best mortgage rates out there, already took advantage of them. Actually, this is the first time since December 2, 2011 that refinance applications dropped under 80 percent from total applications.
Applications for adjustable rate mortgage loans also decreased last week. Now they have a share of 5.0 percent out of all mortgage loan applications.
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