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Mortgage applications fall ahead of Easter holiday

Mortgage applications fell to close out March even as interest rates remained stable, the Mortgage Bankers Association (MBA) reported.

For the week ending March 30, MBA’s adjusted composite index fell 3.3 percent from the prior week. The refinance index declined by 5 percent and the adjusted purchase index decreased by 2 percent from the prior week.

The refinance share of mortgage applications declined by 90 basis points to 38.5 percent, the lowest level since September 2008.  

"Heading into the holiday weekend, mortgage application volume fell a bit both for purchase and refinance volume," MBA Chief Economist Mike Fratantoni said.

“Potential homebuyers may be a little rattled by the swings in the stock market the past few weeks, but the job market continues to strengthen, which should power demand through the spring season,” Fratantoni added. “The main uncertainty remains whether enough listings will be available to meet this demand."


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