Still no sign of those elusive spring home buyers, as mortgage application volume decreased 1.2%, on an adjusted basis, for the week ending March 28, compared to one week earlier, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
It was the eighth consecutive week that mortgage application volume declined, according to the MBA. On an unadjusted basis, volume fell 1% compared with the previous week.Â
Refinance volume also continued to decline, dropping 3% compared to the previous week. The refinance share of mortgage activity decreased for the eighth straight week to 53% of total applications – down from 54% the previous week.
The seasonally adjusted Purchase Index – an indication of incoming volume – increased 1% from one week earlier. On an unadjusted basis, it also increased 1% compared with the previous week and was 17% lower than the same week one year ago.
Interest rates more or less held steady, compared to the previous week. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was unchanged at 4.56%.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.46%, a slight increase from the previous week's 4.45%.
The average rate for a 30-year FRM backed by the Federal Housing Administration was 4.21%, up from 4.16% the previous week.
The average rate for a 15-year FRM was unchanged at 3.62%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.25%, up from 3.22% the week prior. The ARM share of activity remained unchanged at 8% of total applications.