After dropping 3.3% the previous week, total mortgage application volume fell 1.9% on a seasonally adjusted basis during the week ended April 6, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 2% while applications for purchases decreased 2%.
On an unadjusted basis, total volume decreased 1% compared with the previous week. Applications for purchases were down 1% on an unadjusted basis and were 0.5% lower compared with the same week one year earlier.
The refinance share of mortgage activity fell to 38.4% of total applications, down from 38.5% the previous week to reach the lowest share since September 2008.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.3% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.66%, down from 4.69%.
The average rate for a 5/1 adjustable rate mortgage was 3.93%, up from 3.87% to reach the highest level since February 2011.