Mortgage activity took a dip last week even as interest rates remained near historic lows. According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey, the week ended March 25 saw a one percent drop from a week earlier.
Applications for purchase increased two percent but the overall drop was due to a three percent drop in refinances from the previous week. Overall, the refinance index as a share of all mortgage activity also fell – dropping to 52.4 from 53.9 percent the week prior.
The FHA share of mortgage activity rose 1 basis point to 11.8 percent, the VA mortgage share rose 3 basis points to 12.6 percent and the USDA share rose one percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates average 3.625 percent while the 15-year rate is near 3 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.