Mortgage applications in the United States decreased by 0.7% on a seasonally adjusted basis for the week ending March 22, the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey showed on Wednesday.

Further details from the report indicate a slight decline in the Purchasing Index, which fell from 146.0 to 145.7 points. The Mortgage Market Index decreased from 198.2 to 196.8, and the Mortgage Refinance Index fell from 468.4 to 460.9.

The downturn occurs alongside a slight decline in the 30-year mortgage rate, which dropped from 6.97% to 6.93%.

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