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- Rates for 30-year fixed-rate mortgages averaged 3.64 percent with an average 0.5 point for the week ending March 3, 2016.
- This is up from last week, when the average was 3.62 percent.
- It’s down from a year ago, when the average was 3.75 percent.
- The MCAI was unchanged month-over-month at 123.8 in February.
- Of the four component indices, the Conforming MCAI saw the greatest loosening (up 1.0 percent) over the month.
- The Government MCAI was up 0.6 percent).
Home equity rates:
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- Existing home sales for February will fall between a seasonally adjusted annual rate of 5.23 and 5.58 million sales.
- This sales number is down 1.3 percent month-over-month.
- However, it is up 10.4 percent year-over-year.
- The Market Composite Index, which measures loan application volume, decreased 4.8 percent on a seasonally adjusted basis week-over-week.
- On an unadjusted basis, the Index increased 7 percent week-over-week.
- The Refinance Index decreased 7 percent week-over-week, and the refinance share of mortgage activity decreased to its lowest level since January 2016 — 58.6 percent of total applications — from 61.0 percent the previous week.
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