It's time for this week's look at mortgage applications. If you recall, last week's survey results (for the week ending 3/4) were pretty good. The Market Composite Index was up 15.5%, the Purchase Index was up 12.5%, and the Refinance Index was up 17.2%.
So, what's happening this week? According to the MBA's press release, not much. The Market Composite Index decreased 0.7%, the Purchase Index decreased by 4.0%, and the Refinance Index increased by 0.9%. All of this is fairly minor movement, although the change is the Purchase Index is noticeable.
Refinancing composed 66.4% of total mortgage applications (up 0.9% from last week), and adjustable-rate mortgages made up 5.6% of the applications. The average interest rate for a 30-year fixed-rate mortgage fell to 5.6%.