The recent MBA weekly survey revealed a 3.1% decline in mortgage applications from the week earlier.
- The drop in mortgage rates also consisted of a 3.15% decline in the 30-year fixed-rate mortgage applications. The situation will affect the refinance applications that dropped by 5% for conventional and government loans.
- The average loan amount on purchase application dropped to $407,000, lower than the record loan size of February at $418,000.
- The proportion of FHA on the total applications reduced to 9.5% from 9.6% from the previous week.
The average contract interest level for 15-year fixed-rate mortgages reduced to 2.52% from 2.56% within the one week period.