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.

Most Popular Articles

Here are the mortgage lenders that borrowers like the most

J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday morning, showed that there are some lenders that customers seem to love working with more than others. Here are the ones that borrowers are partial to.

Nov 14, 2019 By

Latest Articles

Congressional vote on “de facto QM Patch” postponed

The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.

Nov 15, 2019 By