India, March 13 -- Mortgage applications in the U.S. rose at a slower pace in the week ended March 8, weekly survey data from the Mortgage Bankers Association showed Wednesday.
The Market Composite Index, which measures the mortgage loan application volume, rose a seasonally adjusted 7.1 percent, data from the MBA Weekly Mortgage Applications Survey revealed.
Mortgage applications grew 9.7 percent in the previous week ended March 1.
The Purchase Index increased a seasonally adjusted 5 percent versus 11 percent in the previous week.
The Refinance Index increased 12 percent from the previous week after an 8 percent gain a week ago.
"Mortgage rates dropped below 7 percent last week for most loan types because of incoming economic data sho...