Despite the fact that mortgage rates had, on average, decreased for a third straight week, mortgage application volume dipped 1.8% on an adjusted basis during the week ended April 14, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances increased 0.2%, while applications for purchases fell 3%.
On an unadjusted basis, total volume decreased 2% compared with the previous week. Applications for purchases decreased 3% on an unadjusted basis and decreased 1% compared with the same week one year earlier.
The refinance share of mortgage activity increased to 42.4% of total applications – up from 41.6% the previous week.
Mortgage rates fell for a third week straight, with the average rate for a 30-year, fixed-rate mortgage falling to 4.22%, down from 4.28%.