Mortgage Applications Fall

Mortgage applications fell 2.9 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index decreased 2.8 percent and was down 3.7 percent compared with the same week a year ago.

Applications for home purchases declined only 1 percent, while refinances fell 4.6 percent. The refinance share of mortgage activity declined to 49.7 percent of total applications, down from 50.6 the week before.

Mortgage rates decreased slightly:

* 30-year fixed-rate mortgages decreased to 5.98 percent from 6.37 percent;
* 15-year fixed-rate mortgages decreased to 5.24 percent from 5.72 percent;
* 1-year ARMs increased to 6.95 percent from 6.72 percent.


Source: Mortgage Bankers Association (03/19/2008)