Mortgage Applications Fall Despite Lower Rates

Washington, DC, March 18, 2010--Mortgage applications slid last week despite the lowest mortgage rates in more than three months, the Mortgage Bankers Association said.

The industry group's market index, which includes purchase and refinance applications, fell a seasonally adjusted 1.9 percent to a three-week low despite improving borrowing costs.

Average 30-year mortgage rates dropped 0.10 percentage point to 4.91 percent.

The MBA's index of refinancing applications dropped 1.7 percent last week and its purchase loan demand index fell 2.3 percent.