Mortgage Applications Fall Week of March 15

Washington, DC, March 20, 2013 -- Mortgage applications declined 7.1%% from one week earlier, according to the Mortgage Bankers Association.

In the week of March 15, refinancing applications decreased 8% and purchase applications fell 4%.

The refinance share of mortgage activity decreased to 75% from 76% the previous week.

The refinance share has decreased for 10 straight weeks and is at its lowest level since early May 2012.

The average rate for 30-year fixed-rate mortgage increased to 3.82% from 3.81%.