US DATA IMPACT:MBA Mkt Composite +18.6%,Refis +39% March 29 Wk

     WASHINGTON (MNI) - The Mortgage Bankers Association Wednesday reported a

very large surge in mortgage activity in the March 29 week, with activity up

18.6% on a further decline in mortgage rates.

     Here are some of the key features of the report:

     - The Refinance Index jumped by 39% to a three-year high, while the

Purchase Index rose by 3%, indicating a preference by existing home owners to

take advantage of falling mortgage rates to make updates to their current homes.

     - The 30-year average rate for a 30-year fixed mortgage fell to 4.36% in

the current week from 4.45% in the previous week. There were declines for jumbo,

FHA, and 15-year mortgages as well.  

     - The unadjusted purchasing index was up 10% from a year earlier, so there

has been clear improvement.

     - The average size of new loans fell slightly, which the MBA said was a

sign that first-time home buyers are more active in the market.

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

[TOPICS: MAUDS$,M$U$$$,MK$$$$,M$$MO$]