While this is an improvement, the four-week moving average for all mortgage applications remains 2.1% lower. The refinancing average is down 3.7% and the purchase average is up 3.5%. Refinancings accounted for 71.5% of mortgage applications last week, down from 71.9% in the previous week.
The MBA attributes some of the March increase to purchases seeking to beat an April 1st rise in federally-backed mortgage insurance premiums. Mortgage rates for a 30-year fixed conforming loan also fell last week, from 4.23% to 4.16%.
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