Mortgage applications decreased 1.1% on a seasonally adjusted basis from one week earlier for the week ending March 16, 2018, according to the latest weekly report from the Mortgage Bankers Association (MBA).
The seasonally adjusted Purchase Index was up 1% from the previous week. The unadjusted Purchase Index also increased 1% compared with the previous week and was 6% higher than the same time period last year.
The Refinance Index dropped to its lowest level since September 2008 with 38.5% of total applications, from 40.1% the week prior.
The adjustable-rate mortgage (ARM) share of activity decreased to 7.0% of total applications.
Applications for FHA loans decreased to 10.3% from 10.4% the week earlier.
VA loan applications increased to 10.7% from 10.3% the previous week.
The USDA share of total applications were down to .8% from .9% the week prior.