US Purchase Mortgage Demand DOWN -45.3%, Refi Demand DOWN -91%, Mortgage Rate UP 128%

Mortgage applications rose by 3.0 percent, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The Market Composite Index, which measures loan application volume, also increased by 3.0 percent. However, mortgage purchase demand is down by 45.3 percent, refinance demand is down by 91 percent, and mortgage rates have increased by 128 percent under the current economic conditions.