Mortgage application volume dipped 1.3% on an adjusted basis during the week ended March 6, compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, volume decreased 1% compared with the previous week.
Applications for refinances decreased 3% while applications for purchases increased 2%.
On an unadjusted basis, applications for purchases increased 3% compared with the previous week and were 2% higher compared to the same week one year ago.
The refinance share of mortgage activity decreased to 60% of total applications from 62% the previous week.
The slowdown in applications for refinances came as mortgage interest rates increased slightly. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.01%, up from 3.96% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.02%, up from 3.95%.
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