Mortgage activity is significantly dissipating despite record-low interest rates and millions of eligible borrowers.

According to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 25, mortgage applications decreased 1% from one week earlier.

Broken down, while the seasonally adjusted purchase index increased 2% from one week earlier, the refinance index decreased 3% from the previous week.

And the overall refinance share of mortgage activity is also waning, falling to 52.4% of total applications from 53.9% the previous week.

For comparison, the reports for the last two years for the same period recorded the refinance share of activity at 61% of total applications in 2015 and at 54% in 2014, which was the lowest level since 2010 at the time.

The adjustable-rate mortgage share of activity remained unchanged at 4.9% of total applications, according to the MBA report.

The Federal Housing Administration’s share of total applications decreased to 11.5% from 11.8% the week prior, as the Veteran Affair’s share of total applications increased to 12.9% from 12.6% the week prior.

The United States Department of Agriculture’s share of total applications stayed frozen at 0.9% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) slightly increased to 3.94% from 3.93%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.82% from 3.85%.

In addition, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.76% from 3.74%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.19% from 3.18%, while the average contract interest rate for 5/1 ARMs decreased to 3.07% from 3.13%.

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