Highlights
Mortgage applications for purchases remain subdued, up 1 percent in the March 2 week to an index level of 405.3 and nudging the four-week average up fractionally to 397.2. Demand was helped by a sharp drop in loan rates, down 12 basis points for 30-year fixed mortgages to an average 6.04 percent and reflecting the sharp drop underway in Treasury yields as investors flee high yield investments.

The drop in rates gave a sharper boost to refinancing applications, with the index up 15 percent to 2,234.2. Refinancings made up 46.1 percent of all applications in the week, up from the prior week's 43.2 percent. February data on the housing sector gets underway next week beginning with Monday's NAHB housing market index.