Mortgage applications decreased 2.4%, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending April 6.
The MBA's market composite index dropped 2.4% on a seasonally adjusted basis from one week earlier; on an unadjusted basis, the index dipped 2.1% compared with the previous week.Â
The refinance index decreased 3.1% from the previous week. The seasonally adjusted purchase index decreased 0.5% from one week earlier, while the unadjusted purchase index increased 0.1% compared with the previous week and was 5.5% higher than the same week one year ago. There was no adjustment made for Good Friday.
The refinance share of mortgage activity decreased for the eighth consecutive week to 70.5% of total applications, from 71.2% the previous week. This is the lowest refinance share since July 29, 2011. The adjustable-rate mortgage share of activity remained unchanged from the previous week at 5.5% of total applications.
In March, the share of applications for investment properties increased to 8.3% from 7.4% in February. However, the increase in investor share was driven by refinance applications for investment properties, which increased to 9.2% in March from 7.7% in February. The investor share of purchase applications decreased on a year-over-year basis, falling from 5.8% in March 2011 to its current level of 5.7%.