WASHINGTON (4/3/14)--Mortgage applications decreased 1.2% for the week ending March 28, while the unadjusted purchase index increased 1%, according to a survey released Wednesday by the Mortgage Bankers Association.
While the increase in purchase mortgages could signal a migration towards higher concentrations of home purchases, purchase applications still fell 17% lower than the prior year's numbers.
Overall, the unadjusted market composite index, which measures mortgage loan application volume, fell by 1% for the week ending March 28, while the refinance index also came down 3%.
That lower share of refinance activity, which now sits at 53% of all applications, witnessed its eighth straight week of decline.
Adjustable-rate mortgages, which have claimed higher levels of loan concentrations of late thanks to lower rates, remained unchanged at 8% of total loan applications.
Interest rates for mortgages, meanwhile, stayed fairly calm.
The average interest rate for 30-year fixed-rate mortgages for homes worth $417,000 or less stood pat at 4.56%. Mortgage interest rates tied to jumbo loans for homes in the same value bracket increased slightly to 4.46% from 4.45%.
- Rates for FHA-backed 30-year fixed-rate mortgages increased to 4.21% from 4.16%;
- Contract interest rates for 15-year fixed-rate mortgages remained at 3.62%; and
- Contract interest rates for 5/1 ARMs moved up to 3.25% from 3.22%.