The Market Composite Index, an overall measure of mortgage applications, decreased 12.6% on a seasonally adjusted basis to 649.7 from 743.5 for the week ended Feb. 27, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, the index decreased 2.0% compared with the previous week and 6.7% compared with the same week one year earlier.
The Purchase Index decreased 5.6% to 236.4 from 250.5 one week earlier on a seasonally adjusted basis, while the Refinance Index decreased 15.3% to 3063.4 from 3618.0 the week prior.
Refinancings decreased to 66.9% of applications from 69.7% the previous week, while adjustable-rate mortgages accounted for 2.3% of applications, up from 1.9% for the previous week, the MBA said.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.14% from 5.07%, with points (including the origination fee) decreasing to 1.05 from 1.25 for loans with 80% loan-to-value ratios, the association reported.