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Mortgage applications drop 2.1%

Refinance share hits lowest level since April 2011

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Mortgage applications reversed course and dropped 2.1% from a week prior, according to the latest Mortgage Bankers Association’s survey for the week ended March 7.

The refinance share of mortgage activity fell to the lowest level since April 2011 and sunk to 57% from 58% a week prior.

In addition, the refinance index dipped 3% from the previous week, while the purchase index crept up 1%, which is 17% lower than the same week one year ago.  

The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance increased to 4.52% from 4.47% last week.

Meanwhile, the average contract interest rate for 30-year, FRM with a jumbo loan balance jumped to 4.41% from 4.37%

The average contract interest rate for 30-year, FRM backed by the FHA hit 4.18%, up from 4.13%.  

The average contract interest rate for 15-year, FRM slightly edged higher to 3.53% from 3.52%, and the 5/1 ARMs increased to 3.18% from 3.09%. 

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