The Mortgage Bankers Association’s (MBA) released its Weekly Mortgage Applications Survey today showing a drop of 3.3% in mortgage applications for the week ending March 30, 2018, from the previous week. On an unadjusted basis, the composite index was down by 3%.
The Refinance Index plunged 5% from the week prior. The refinance share of mortgage activity was down 39.4% to 38.5% of total applications, its lowest level since September 2008.
The Purchase Index was also down, decreasing 2% for the week and is currently 5% higher year over year.
Adjustable-rate mortgages were down from 7% last week to 6.5% of total applications.
FHA loan applications were up from 9.9% last week to 10.1% this week.
Mortgage applications for VA loans were unchanged from 10.3% the previous week.
The USDA share of total applications also remained unchanged at 0.8%.