Despite warmer weather, relatively stable interest rates and more homes coming on the market, mortgage applications fell 3.3 percent last week, according to the Mortgage Bankers Association.
Applications to refinance were down 4 percent week-to-week on a seasonally adjusted basis, while applications for loans to purchase a home were down 3 percent. Purchase applications are now down a remarkable 18 percent from a year ago.
The average contract interest rate for 30-year fixed conforming loan balances ($417,000 or less) rose only slightly, to 4.49 percent from 4.47 percent. Rates have been hovering in a narrow range since last summer, when they jumped a full percentage point.