After increasing slightly the previous week, mortgage application volume dipped 1.1% on an adjusted basis during the week ended March 16, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 5% while applications for purchases increased 1%, according to the weekly survey, which covers about 75% of the mortgage market.
On an unadjusted basis, total volume decreased 1% compared with the previous week. Applications for purchases increased 2%, on an unadjusted basis, and were 6% higher compared with the same week one year earlier.
The refinance share of mortgage activity stood at 38.5% of total applications, down from 40.1% the previous week to reach the lowest level since September 2008.
The adjustable-rate mortgage (ARM) share of activity decreased to 7.0% of total applications.
The average interest rate for a 30-year fixed-rate mortgage (FRM), based on closings, was 4.68%, down from 4.69%.