Mortgage applications fell 1% on a seasonally adjusted basis for the week ending March 25, compared to one week earlier, according to the Mortgage Bankers Association.
The MBA's Market Composite Index, which measures mortgage loan application volume, also fell 1% on an unadjusted basis
Refinance application volume was down 3% from the previous week. Purchase apps were up 2% on a seasonally adjusted basis and up 3% on an unadjusted basis; they were 21% higher than the same week a year ago.
Refinancings as a share of all mortgage activity fell to 52.4% from 53.9%. The adjustable-rate mortgage share remained unchanged at 4.9% of all applications.
The FHA share fell 3 basis points to 11.5%, the VA mortgage share rose 3 basis points to 12.9% and the USDA share was unchanged at 0.9%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) rose 1 basis point to 3.94%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances fell 3 basis points to 3.82%. FHA fixed-rate 30-year mortgages rose 2 basis points to 3.76%.
