The refinance share of mortgage activity fell to 51% last week, down two percentage points from the previous week. The refinance index also decreased, falling 5% from the previous week to its lowest level since the end of 2013.
Mortgage applications also dipped in the week ended April 4, falling 1.6% on a seasonally adjusted basis from the previous week. But the seasonally adjusted purchase index ticked up 3% from one week earlier.
Meanwhile, the adjustable-rate mortgage share activity made up 8% of total applications, unchanged from the previous week.
The average interest rate for 30-year fixed-rate mortgages with balances of $417,000 or less was 4.56%, holding steady from the previous week. The interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration decreased to 4.19%, down two basis points from the previous period.
The MBA’s weekly survey covers 75% of all retail residential mortgage applications in the United States.