A slight increase in the number of people applying to refinance their mortgages wasn’t enough to offset a decline in applications for a purchase-money loan.

A seasonally adjusted 2 percent decline from one week previous was recorded for the Market Composite Index for the week that ended on April 14.

Even foregoing any seasonal adjustments, the index — a measure of retail residential loan application volume — was still down 2 percent from the prior week.

Source: Mortgage Daily