Mortgage applications bounce as coronavirus sends mortgage rates lower

Mortgage applications increased 15.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 27, 2020.

The Market Composite Index, a measure of mortgage loan application volume, increased 15.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15 percent compared with the previous week. The Refinance Index increased 26 percent from the previous week and was 168 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 11 percent from one week earlier. The unadjusted Purchase Index decreased 10 percent compared with the previous week and was 24 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 75.9 percent of total applications from 69.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 3.2 percent of total applications.