An improvement in weekly purchase-money business wasn’t enough to offset a drop in refinances. Meantime, the share of activity for loans to veterans fell to the lowest level in seven months.

A 3 percent decline from one week previous was recorded the Mortgage Daily U.S. Mortgage Market Index for the week ended March 9. No seasonal adjustments were made.

Compared to one year previous, the index — a gauge of upcoming home-loan originations based on average per-user rate-lock volume by clients of OpenClose — sank 14 percent.

Source: Mortgage Daily