Mortgage applications decreased 7.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 16.
The MBA's market composite index declined 7.4% on a seasonally adjusted basis from one week earlier; on an unadjusted basis, the index fell 7.1% compared with the previous week.Â
The refinance index decreased 9.3% from the previous week. The refinance share of mortgage activity decreased to 73.4% of total applications – the lowest since July 2011 – from 75.1% the previous week.Â
The seasonally adjusted purchase index decreased 1% from one week earlier. The unadjusted purchase index decreased 0.6% compared with the previous week and was 1.9% lower than the same week one year ago.
The average loan size of all loans for U.S. home purchase was $225,463 in February, up from $216,888 in January. The average loan size for a refinance was $222,048, down from $227,563 in January. The largest purchase loans were made in the Pacific region at $324,606, while the largest refinance loans were also made in the Pacific region at $305,949.