Demand for purchase mortgages inched up last week, the Mortgage Bankers Association (MBA) reported.

Applications for purchase loans rose a seasonally adjusted 1 percent for the week ending March 28 compared to a week earlier but were down 17 percent on an annual basis, according to the MBA’s latest Weekly Mortgage Applications Survey.

Meanwhile, applications from borrowers seeking to refinance their mortgages slid 3 percent last week from the previous week, as refinance applications’ share of total mortgage applications dropped for the eighth straight week. Refinance applications accounted for 53 percent of all mortgage applications last week, down from 54 percent the previous week, the MBA said.

The MBA also reported that the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less stayed flat at 4.56 percent last week compared the the previous week.

Source: MBA

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