Mortgage Purchase Applications Drop This Week

Even with interest rates hovering below 5 percent, purchase applications for new mortgages dropped this week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 11.

The purchase index decreased 4 percent from one week earlier and is 15.5 percent lower than the same week one year ago.
However, refinancings for the week inched up, reaching its highest level since December 2010.

Interest rates continue to remain under 5 percent, with 30-year fixed-rate mortgages decreasing to 4.79 percent from 4.93 percent.

Source: “Mortgage Purchase Applications Decrease in Latest MBA Weekly Survey,” Mortgage Bankers Association (March 16, 2011)

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