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March ends with dip in home loan requests

04.04.2013

Mortgage applications fell last week.

Rising mortgage rates are expected to bring about quite the spring home buying season this year, but for the final full week of March, these growing rates weren't enough to lure many prospective buyers to the market.

Overall loan applications fell 4 percent compared to one week earlier, according to the Market Composite Index from the Mortgage Bankers Association's Weekly Mortgage Applications Survey. Though this was a decline, the Purchase Index rose 1 percent from the previous week.

Meanwhile, the Refinance Index fell 6 percent from a week earlier, the report explained. There also was a drop of one percentage point in the refinance share of mortgage activity, as the latest level was 74 percent. The total share of adjustable-rate mortgages did not change, though, accounting for 5 percent of total applications during the period.

A slight change in mortgage rate averages during the week may have played a role in the drop. The 30-year fixed-rate mortgage average was 3.57 percent for the week ending March 28, according to the Primary Mortgage Market Survey from Freddie Mac. This was slightly higher than the previous figure of 3.54 percent.

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