Refinancing Down 60%, Apps Down 39%
The Mortgage Bankers Association (MBA) put out their weekly numbers today with a bit of a surprise in the refinance column. "The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this time last year," said Michael Fratantoni"
"The Weekly Mortgage Applications Survey for the week ending March 18...decreased 9.2 percent compared with last week but was down 39.3 percent compared with the same week one year earlier."