New applications for residential loans dipped last week thanks to a drop in refinance activity. Refinance share thinned to a more than eight-year low.

A seasonally adjusted less than 1 percent decline from the previous week was recorded for the Market Composite Index for the week ended March 24.

Even without applying any seasonal adjustments, the index, a measure of mortgage loan application volume, still moved down by less than 1 percent.

Source: Mortgage Daily