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Lending

Mortgage apps decline for third week in a row

Refis drop again but purchases tick up

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Mortgage applications fell 1.2% from last week, according to data from the Mortgage Bankers Association’s weekly survey of mortgage applications for the week ending March 28.

This is the third week in a row for declines after a spike of almost 10%.

MBA’s measure of mortgage loan application volume also fell 1.2% on a seasonally adjusted basis from one week earlier.

However, the purchase index increased 1% from one week earlier. The refinance index dropped 3% from the previous week.

The refinance share of mortgage activity decreased for the eighth straight week to 53% of total applications from 54% the previous week.

The adjustable-rate mortgage share of activity held steady at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) was unchanged at 4.56%, with points increasing to 0.31 from 0.29 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.46% from 4.45%, with points remaining constant at 0.27 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.21% from 4.16%, with points decreasing to 0.15 from 0.23 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages was unchanged at 3.62%, with points decreasing to 0.23 from 0.24 (including the origination fee) for 80% LTV loans.

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