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Mortgage applications fall for the week

Mortgage applications fell for the week as refinancing activity continues to decline, the Mortgage Bankers Association (MBA) reported.

For the week ending March 11, overall applications decreased 3.3 percent on a 6 percent drop in refinances. Applications for home-purchase loans rose by 0.3 percent, MBA said. The refinance share of mortgage activity fell 1.7 percentage points to 55 percent, the lowest share since August, the trade group said.

The index tracking purchase applications is 33 percent higher on an unadjusted basis than it was for the same week a year ago, the trade group said. 


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