Mortgage applications declined 2.4% for the week ending April 6 as refinancing and home purchase activity slowed, an industry trade group said.
The Mortgage Bankers Association released its market composite index Wednesday, which measures weekly mortgage loan application volume.
The group’s refinance index, which measures all refinancing activity, declined 3.1% from the previous week, while the seasonally adjusted purchase index fell a slight 0.5%.
Refinancing activity declined overall with its share of mortgage activity dropping for the eighth straight week to 70.5% from 71.2% a week earlier. Adjustable-rate mortgage activity, meanwhile, remained steady at 5.5% of total applications.
Investor activity in March grew to 8.3% of all filed applications, up from 7.4% in February. That increase was primarily driven by refinance applications on investment properties, the MBA said.
The average interest rate on a 30-year, FRM conformlng loan fell from 4.16% to 4.10%. In addition, the rate for a 30-year, FRM jumbo loan declined from 4.46% to 4.43%. The contract rate for a 30-year, FRM backed by the FHA also fell from 3.89% to 3.87%, while the 15-year, FRM declined from 3.40% to 3.37%.
The average contract interest rate on a 5/1 ARM declined from 2.93% to 2.89%.