The Mortgage Bankers Association (MBA) weekly survey of mortgage applications for the week ending March 28, 2014 reveal a drop of 1.2 percent, MHProNews has learned, while the Refinance Index fell three percent from the previous week. The refinance share of mortgage activity declined for the eighth consecutive week to 53 percent of total applications, down from 54 percent the previous week. Adjustable rate mortgage activity remained at eight percent from the week before. Interest for a 30-year fixed-rate mortgage (FRM) of $417,000 or less remained at 4.56 percent. An FHA 30-year FRM rose to 4.21 percent from 4.16, says worldpropertychannel.com.##

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