Applications for purchase mortgages have ended three straight weeks in
which their volume increased an average of 6 percent. The Mortgage Bankers Association (MBA) said
today that those applications dropped by 3 percent on a seasonally adjusted
basis during the week ended April 10 and 2 percent on an unadjusted basis. They
did however remain 7 percent higher than in the same week in 2014.
The decline in the purchase component brought MBA’s Market Composite
Index, a measure of all application activity, down by 2.3 percent on an
adjusted basis and 2 percent unadjusted compared to the week ended April
3. The Refinance Index also declined 2
percent but applications for refinancing represented 58 percent of the total,
up one percentage point from the week before.