Mortgage purchase apps down 15% from 2010

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Fewer Americans applied for mortgages to purchase homes last week despite declining interest rates, according to new data from the Mortgage Bankers Association through March 11. Applications for purchases were down 4 percent compared to their level one week earlier and ended the week at 15.5 percent below their year-ago levels. Meanwhile, refinance applications were up 0.9 percent week-over-week, to a three-month high. Interest rates saw significant declines, with the 30-year fixed-rate mortgage coming in at an average of 4.79 percent, down from 4.93 percent one week ago. The 15-year mortgage saw its interest rate decline to 4.03 percent, from 4.17 percent during the week prior. TRD