Mortgage applications and refinance activity took a tumble last week, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 29.
The MBA's market composite index decreased 4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index also decreased 4% compared with the previous week.Â
The refinance index decreased 6% from the previous week. The refinance share of mortgage activity decreased to 74% of total applications from 75% the previous week.
The seasonally adjusted purchase index increased 1% from one week earlier. The unadjusted purchase index increased 2% compared with the previous week and was 4% higher than the same week one year ago.