Applications for U.S. home mortgages dipped last week as refinance demand sagged, though activity in home purchases picked up, an industry group said on Wednesday.
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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 1.2% in the week ended March 2.
The MBA's seasonally adjusted index of refinancing applications was down 2.0%, but the gauge of loan requests for home purchases gained 2.1%.
The refinance share of total mortgage activity fell to 77.0% of applications, the lowest level since December, from 77.9% the previous week.
Fixed 30-year mortgage rates averaged 4.06%, off 1 basis point from 4.07% the week before.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.