Mortgage application volume dipped 1.6% on an adjusted basis during the week ended March 31, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 4%, while applications for purchases increased 1%.
It was the third consecutive week that total volume decreased. Applications for purchases have been lackluster so far this spring, but they at least have been increasing slightly.
On an unadjusted basis, total volume decreased 1% compared with the previous week. Applications for purchases increased 1% on an unadjusted basis and increased 8% compared with the same week one year earlier.
About 42.6% of applications were for refinances – down from 44.0% the previous week.
Rates inched back up slightly. The average rate for a 30-year, fixed-rate mortgage (FRM) was 4.34%, up from 4.33%, according to the MBA’s data.
The average rate for a 30-year jumbo FRM was 4.24%, down from 4.26%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.15%, down from 4.24%.
The average rate for a 15-year FRM remained unchanged at 3.57%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.33%, up from 3.30%.
The ARM share of activity remained unchanged at 8.5% of total applications.
The average loan size for purchase applications reached a survey high at $318,200.
Looking at the government loans, applications for mortgages backed by the FHA represented 11.1% of all applications – up from 10.8% the week prior. The Veterans Affairs share was 11.1%, up from 11.0%, while the U.S. Department of Agriculture share remained unchanged at 1.0%.