Although there was a modest rise in purchase-money applications, a drop in refinances drove down overall mortgage applications. Refinance share was the thinnest it’s been in a decade.

In the seven days that concluded on March 16, the Market Composite Index retreated from one week previous by more than a seasonally adjusted 1 percent.

Even without considering seasonal factors, the index, which is a measure of retail residential loan applications, still moved lower by 1 percent.

Source: Mortgage Daily