Applications for purchase mortgages dropped a seasonally adjusted 1 percent for the week ending March 7 compared to a week earlier and were down 17 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

During the same period, the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less increased to 4.52 percent from 4.47 percent, the MBA said.

Source: MBA

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