Mortgage Applications Rose 15.3% Last Week on Rate Drop

A drop in mortgage rates led to a surge in mortgage applications, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

Mortgage applications, as measured by MBA's Market Composite Index, jumped 15.3% for the week ending March 27 over the previous week. Applications had decreased the previous two weeks. The Market Composite Index gauges all mortgage application activity, including refinancings.

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Source Fool.com