Refinances last week made up the lowest portion of mortgage activity since July 2009, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended April 4.
The refinance share of mortgage activity fell to 51% last week, down two percentage points from the previous week. The refinance index also decreased, falling 5% from the previous week to its lowest level since the end of 2013.
Mortgage applications also dipped in the week ended April 4, falling 1.6% on a seasonally adjusted basis from the previous week. But the seasonally adjusted purchase index ticked up 3% from one week earlier.
Meanwhile, the adjustable-rate mortgage share activity made up 8% of total applications, unchanged from the previous week.
The average interest rate for 30-year fixed-rate mortgages with balances of $417,000 or less was 4.56%, holding steady from the previous week. The interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration decreased to 4.19%, down two basis points from the previous period.
The MBA's weekly survey covers 75% of all retail residential mortgage applications in the United States.