Mortgage Applications Continue Slide

The weekly market composite index for mortgage loan applications fell by a seasonally adjusted -2.4% in the week ending March 9th compared to the previous week according to the Mortgage Bankers Association (MBA). Refinancing applications fell by -4.1% in the same period, but purchase applications rose 4.4%.

Overall, the four-week average for the composite index is down -2.2%:

Applications for home purchase increased again last week, coinciding with another strong job market report. Purchase applications are now almost 12 percent above the level one month ago, even after adjusting for typical seasonal patterns. However, this level of purchase activity, adjusted or unadjusted, was essentially unchanged when compared to the same time last year. Purchase activity remains subdued and within the narrow range we have seen since the expiration of the homebuyer tax credit in 2010.

The MBA press release is here.