Another drop in refinancings pushed down mortgage application volume last week, as the government reworked fewer loans.
Applications for home loans decreased 2.7 percent for the week ending March 23, the Mortgage Bankers Association said Wednesday in its weekly survey.
The refinance index fell 4.6 percent from the previous week, the sixth consecutive week with a decrease, falling to its lowest level since December. The index is 24.2 percent lower than its peak, which was hit in February.
Most of the decrease can be attributed to a 12 percent drop in government refinance activity, while conventional refinance applications fell by less, decreasing 3.4 percent from the previous week.
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