The total mortgage application volume fell 2.7% from one week earlier, according to the latest report from the Mortgage Banker’s Association (MBA) for the week ending March 17, 2017.
The purchase index was down 2% from the week prior. The unadjusted Purchase Index decreased 2% compared with the previous week.
The refinance index was down 3% from the previous week and the refi share of the total loan apps was down to 45.1% from 45.6% the previous week.
Adjustable-rate mortgages (ARM) was up to 9.0% of total applications.
Loan applications for FHA loans dropped to 10.9% from 11.1% the previous week.
VA loan applications were down to 10.1% from 11.1% the week prior.
The USDA share of total applications were stable at 0.9%.