Mortgage Applications Decline Again on Refi Weakness: MBA

Total mortgage applications declined last week, as volume was once again impacted by the drop-off in refinancings, according to the Mortgage Bankers Association.

Mortgage loan applications fell 3.3% on a seasonally adjusted basis, compared to the previous week. The rate of decline was identical to last week's rate. The figures were for the one-week period that ended March 18 and were reported as part of the MBA's Market Composite Index.

The MBA's refinance index fell 5% and the purchase index fell 1%.

As a share of overall mortgage activity, refinancings dropped to 53.9% from 55%. The adjustable-rate mortgage share was unchanged at 4.9%.

The FHA share rose 1 basis point to 11.8%, the VA mortgage share rose 3 basis points to 12.6% and the USDA share rose to 0.9% from 0.8%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell 1 basis point to 3.93%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances fell 1 basis point to 3.85%. FHA fixed-rate 30-year mortgages fell 3 basis points to 3.74%.