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The Mortgage Bankers Association (MBA) announced this morning that, applications for mortgage loans dropped 0.2 percent last week compared to the previous week.

The Purchase Index increased 0.1 percent while the Refinance Index decreased 0.5 percent from the previous week.

“As we enter the spring home buying season, consumers are continuing to take advantage of low long-term interest rates and the excess inventory of unsold homes on the market,” said Bob Walters, chief economist for Quicken Loans. “As we get deeper into spring, we expect to see some strengthening in purchase applications, especially if rates remain where they are today.”

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