Mortgage applications surged 14.8% on a seasonally adjusted basis in the week ended March 1 as refinances increased 15% and purchases also grew 15%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
Refinances were essentially unchanged at 77% of market share, while adjustable-rate mortgages remained 4% of applications.
The average 30-year fixed-rate mortgage with conforming loan balances ($417,500 or less) interest rate fell to 3.70% from 3.77%, while the average 15-year fixed-rate mortgages dropped to 2.96% from 3.03%.
