Spring home buying season has kicked into high gear, but it wasn’t enough to boost mortgage applications, which fell by 1 percent last week from the previous week, the Mortgage Bankers Association reported. That was largely due to a drop in refinancings, which slipped 3 percent.
The refinance share of mortgage applications fell to its lowest level since July, as interest rates inched higher. Rates for 15-year fixed rate mortgages, a popular refinance option, rose slightly to 3.19 percent. The average rate for a 30-year fixed rate mortgage increased by a tenth of 1 percent to 3.94 percent for loans $417,000 or less. Loans for more than $417,000, known as jumbo mortgages, fell slightly to 3.82 percent.