US MBA mortgage applications w.e. 8 March +7.1% vs +9.7% prior

• Prior +9.7%
• Market index 201.5 vs 188.2 prior
• Purchase index 147.7 vs 141.1 prior
• Refinancing index 480.3 vs 428.1 prior
• 30-year mortgage rate 6.84% vs 7.02% prior

The average rate of the most popular US home loan fell by 18 bps in the last week and that helped to see a resurgence in both purchases and refinancing activity. The latter in particular saw a big jump and helped with a modest rebound in mortgage applications, following a poor start to the year.

This article was written by Justin Low at www.forexlive.com.