NEW YORK - Mortgage applications decreased 1.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ended March 2.
The refinance index fell 2.0% from the previous week. The seasonally adjusted purchase index increased 2.1%.
The four-week moving average for the seasonally adjusted market index is down 1.77%. The four-week moving average is down 0.47% for the seasonally adjusted purchase index, while this average is down 2.04% for the refinance index.
The refinance share of mortgage activity decreased to 77.0% of total applications, the lowest since December 2011, from 77.9% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.4% from 5.0% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.06% from 4.07%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 3.36%.