Mortgage applications continued their downward trajectory for the week ending Feb. 22, decreasing 3.8% from the previous week, the Mortgage Bankers Association said.
Mortgage application volume fell alongside home purchases and mortgage refinancing demand, the MBA data suggests.
The MBA purchase index fell 5% from the previous week, while the refinancing index edged down 3%.
The refinance share of mortgage activity also remained the same at 77% of total applications, while the adjustable-rate mortgage share of activity continued to hover at 4% of total applications.
Switching gears, the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance decreased to 3.77% from 3.78% the previous week.
The 30-year FRM with a jumbo loan balance maintained its decline, slipping to 3.93% from 3.94%.
Additionally, the 30-year FRM backed by the FHA remained unchanged at 3.54%. The 15-year FRM stayed consistent with last week at 3.03%.
And the average 5/1 ARM decreased after staying the same in weeks past, falling to 2.65% from 2.66%.