Despite the 30-year mortgage rate falling to a seven-week low, applications to purchase a residential property tumbled for the first time in a month.
For the week ending March 31, U.S. mortgage applications declined 4.1 percent, the first weekly drop since the week ending Feb. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications to purchase a home fell 4 percent from last week, while applications to refinance a mortgage slipped 5 percent.
The 30-year mortgage rate eased to 6.4 percent, down 6.45 percent from the previous week, a trend supported by the decline in Treasury yields. This also represented the fourth consecutive weekly slide in mortgage rates….