Mortgage applications dropped 1.6% week over week on a seasonally adjusted basis for the week ended March 31, the Mortgage Bankers Association reported, citing its latest weekly mortgage application survey.
On an unadjusted basis, the market composite index, which measures mortgage loan application volume, dropped 1% compared to the previous week.
The seasonally adjusted purchase index rose 1% from the previous week. The unadjusted purchase index was up 1% compared to the previous week and was 8% higher than the same week last year.
The refinance index was down 4% from the previous week.
The refinance share of mortgage activity decreased to 42.6% of total applications from 44.0% in the previous week. Adjustable-rate mortgage activity stood at 8.5% of total applications, same as the previous week.