Mortgage applications decreased 2.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending March 9.
The MBA's market composite index decreased 2.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 1.8% compared with the previous week.Â
The MBA's refinance index decreased 4.1% from the previous week to its lowest level since Jan. 6. This is the fourth consecutive weekly decline in the refinance index. The refinance share of mortgage activity decreased to 75.1% of total applications from 77% the previous week.
The seasonally adjusted purchase index increased 4.4% from one week earlier to its highest level since Jan. 13, 2012. The unadjusted purchase index increased 6% compared with the previous week and was 0.4% lower than the same week one year ago.