Mortgage applications saw further downside in the week ended March 29th, according to a report released by the Mortgage Bankers Association on Wednesday.
The report said the Market Composite Index, a measure of mortgage loan application volume, decreased by 0.6 percent last week after falling by 0.7 percent in the previous week.
The Refinance Index continued to lead the way lower, plunging by 2.0 percent from the previous week, while the Purchase Index edged down by 0.1 percent from one week earlier.
“Mortgage rates moved lower last week, but that did little to ignite overall mortgage application activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Elevated mortgage rates continued to weigh down on home buying.”
The MBA also said the refinance share of mortgage activity decreased to 30.3 percent of total applications from 30.8 percent the previous week.
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