Mortgage application activity fell 2.4% in the week ending April 6, the Mortgage Bankers Association stated.
The decline came primarily based on a 3.1% drop in the Refinance Index to 3465 while the Purchase Index eased 1/2% to 204. The data, however, was not adjusted for the Good Friday holiday.
As a percent of total applications, the refinance share dipped to 70.5% from 71.2% previously. This was an eighth straight weekly decline with the share at its lowest level since late July. ARM share, meanwhile, held steady at 5.5%.
The 30-year fixed rate contract rate for conforming loans averaged 4.10%, down six basis points over the week, while FHA rates were at 3.87% from 3.89%.
The MBA's report did not directly mention HARP activity. However, it reported that in March the share of applications for investment properties rose 8.3% from 7.4% in February. The increase was driven by refinance applications which increased to 9.2% from 7.7%, while purchase applications for investment properties decreased to 5.7% from 6.1%.