Mortgage applications decreased 2.7% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 23.
The MBA's market composite index decreased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 2.6% compared with the previous week.Â
The MBA's refinance index decreased 4.6% from the previous week – the sixth consecutive week that it declined. This index is now at its lowest level since December 2011 and is 24.2% lower than its 2012 peak observed in February. The refinance share of mortgage activity decreased to 71.9% of total applications, down from 73.4% in the previous week, and is now at its lowest level since July 2011.
The seasonally adjusted purchase index increased 3.3% from one week earlier. The unadjusted purchase index increased 3% compared with the previous week and was 1% higher than the same week one year ago.