Mortgage application volume fell 2.7% in the week ended March 23 as refinancings plunged 4.6%, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey.
Refinancings have fallen for six straight weeks and are at their lowest level since December. The seasonally adjusted purchase index rose 3.3%.
The four-week moving average for the seasonally adjusted market index is down 3.40%. The four-week seasonally adjusted purchase-index moving average is up 2.14%, while it is down 4.94% for the refinance index.
Refinances accounted for 71.9% of all mortgage applications, off from 73.4% the previous week. Adjustable-rate mortgages fell to 5.4% of volume from 5.6% a week earlier.