Mortgage Apps: Sideways For Now As Purchase Apps Grow Modestly

Bottom Line: Amid modest growth in mortgage purchase applications, total mortgage activity remained mostly sideways in March as applications for refinancing remained muted. While purchase activity rose on the month, it remained just below peak levels seen earlier this year. Overall a tight housing market with limited supply and increasing affordability issues is limiting mortgage activity. The MBA Mortgage Applications Index FELL by 3.3% during the week ended March 30 to 388.1, modestly below its 13 week average of 396.1 and 2.3% BELOW its year ago level. The Purchase Index FELL by 2.1% to 252.3, slightly above its 13 week average of 247.5 and 5.2% ABOVE its year ago level. The Refinance Index FELL by 4.9% to 1,130. With this decline, refinancing activity is moderately below its 13 week average of 1,222 and 11.1% BELOW its year ago level. Contract Mortgage Rates were UNCHANGED with the 30-year fixed rate unchanged at 4.69% and the 15-year fixed rate unchanged at 4.09%.