An increase in the weekly volume of purchase-money applications was more than offset by a reduction in the number of mortgage refinance applications completed.

Compared to one week previous, the Market Composite Index moved down less than a seasonally adjusted 2 percent during the week that ended on March 31.

The index, which is a measure of mortgage loan application volume, slipped just a percent versus the prior week when seasonal adjustments are excluded.

Source: Mortgage Daily