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MBA: U.S. Mortgage Applications Off 4.3% Last Week

“The total number of mortgage applications filed in the U.S. last week slipped 4.3% as interest rates increased, the Mortgage Bankers Association said Wednesday.

The refinance index fell 5.2% for the week ended March 8 from the previous week, according to MBA’s weekly survey, which covers more than three-quarters of all U.S. residential-mortgage applications. On a seasonally adjusted basis, the purchasing index was down 2.5% from the prior week, MBA said.

Low interest rates have attracted new buyers and persuaded many homeowners to refinance their existing mortgages. However, tightened credit restrictions still bar many borrowers from filing loan applications….”

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