Mortgage applications jump 9.5% in mid-March

Refinances fuel surge in apps for week.

Mortgage applications increased 9.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 20, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 9.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9% compared with the previous week.

The Refinance Index increased 12% from the previous week. The seasonally adjusted Purchase Index increased 5% from one week earlier to its highest level since January 2015. The unadjusted Purchase Index increased 5% compared with the previous week and was 3% higher than the same week one year ago.

The refinance share of mortgage activity increased to 61% of total applications from 59% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8% of total applications.

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