Mortgage applications fell again last week even as key interest rates continued to head lower, the Mortgage Bankers Association reported this morning in its Weekly Mortgage Applications Survey for the week ending March 18.

The Market Composite Index decreased by 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased by 3 percent compared to the previous week.

The Refinance Index decreased by 5 percent from the previous week. The refinance share of mortgage activity decreased to 53.9 percent of total applications from 55.0 percent the previous week.

The seasonally adjusted Purchase Index decreased by 1 percent from one week earlier. The unadjusted Purchase Index decreased by 1 percent compared to the previous week and was 25 percent higher than the same week one year ago.

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