Mortgage Volume Dropped in Early March

Washington, D.C.–Mortgage application volume dropped 1.9 percent during the week ending March 7, the Mortgage Bankers Association said Wednesday. The MBA’s application index declined from 684.9 the previous week to 671.7, reported. Refinance volume–which has dropped steadily since January–was down 4.7 percent; purchase volume rose 1.6 percent. Refinance applications comprised 50.6 percent of all applications, according to the MBA weekly application survey, which was released Wednesday.