Mortgage applications fell 5.9% from one week earlier, according to the Mortgage Bankers Association’s weekly survey of mortgage applications for the week ending April 25, 2014.
Applications perked up last week by 4.3%, breaking a four-week streak of declines.
The Market Composite Index, a measure of mortgage loan application volume, fell 5.9% on a seasonally adjusted basis from one week earlier.
The Refinance Index decreased 7% from the previous week. The seasonally adjusted Purchase Index decreased 4% from one week earlier.
“Both purchase and refinance application activity fell last week, and the market composite index is at its lowest level since December 2000,” said Mike Fratantoni, MBA’s chief economist. “Purchase applications decreased 4% over the week, and were 21% lower than a year ago. Refinance activity also continued to slide despite a 30-year fixed rate that was unchanged from the previous week. The refinance index dropped 7% to the lowest level since 2008, continuing the declining trend that we have seen since May 2013.”