Despite the weather warming, mortgage activity around the country cooled last week, dropping off more than 6 percent from the previous week, according to the Mortgage Bankers Association.
Mortgage applications were down 6.7 percent while refinance activity also dropped 7.7 percent. Mortgage purchases were down 4.7 percent. That drops the percentage of the market made up of refinancing activity to more than 60 percent, its lowest level since May of last year.
The average rate for a 30-year fixed-rate mortgage also ticked up from 4.93 to 4.98 percent.
