Mortgage records show that there was less mortgage application activity during the week ending March 9, as fewer borrowers capitalized on the affordable mortgage rates available.
According to the Mortgage Bankers Association's Weekly Application Survey, overall application activity fell 2.4 percent on a seasonally adjusted basis from the previous week.
"Applications for home purchase increased again last week, coinciding with another strong job market report," said MBA vice president of research and economics Michael Fratantoni. "Purchase applications are now almost 12 percent above the level one month ago, even after adjusting for typical seasonal patterns."
However, despite the increase in purchase activity, a decline in refinancing brought down the number of overall application. The report indicated that the refinancing share fell to a 75.1 percent share, from 77 percent the previous week. This is now the fourth consecutive month that refinancing activity has trended lower.
As a result of less mortgage applications, the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance remained stable at 4.06 percent. Meanwhile, the rate for a 30-year FRM jumbo loan rose to 4.39 percent from 4.33 percent the previous week.