Demand for purchase mortgages slips

Demand for purchase mortgages slipped last week, remaining well below year-ago levels.

Applications for purchase mortgages edged down a seasonally adjusted 1 percent for the week ending March 14 and were down 15 percent from a year earlier, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Meanwhile, the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less decreased to 4.5 percent from 4.52 percent a week earlier, the MBA reported.

Source: MBA