On an unadjusted basis, the composite index decreased by 4% week-over-week. The seasonally adjusted purchase index decreased 2% compared to the week ended March 6. The unadjusted purchase index fell by 1% for the week and is now 1% higher year-over-year.
The MBA’s refinance index decreased 5% week-over-week, and the percentage of all new applications that were seeking refinancing fell from 60% to 59%.
Last week’s drop in new applications was accompanied by a small drop in mortgage rates. The refinancing rate is at its lowest level since October 2014.
Adjustable rate mortgage loans accounted for 5.5% of all applications, down from 5.6% in the prior week.
The FHA share of all applications rose from 14.0% a week ago to 14.3%, and the VA share decreased from 10.8% to 10.3%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage slipped from 4.01% to 3.99%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.02% to 3.94%. The average interest rate for a 15-year fixed-rate mortgage dropped from 3.29% to 3.28%.
The contract interest rate for a 5/1 adjustable rate mortgage loan declined from 3.18% to 2.99%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.80% to 3.74%.
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