According to the MBA’s weekly Weekly Mortgage Applications Survey, Mortgage applications decreased by 1.2 percent on a seasonally adjusted basis. Of those, refinances decreased three percent but purchase applications increased one percent. The second increase in purchase application in as many weeks.

Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Mortgage applications decreased slightly last week, but the number that all will be watching is the number of applications for home purchases which rose last week. It will be a real test of economic health to see if home purchases, a driving force of the economy, continue to increase to the expected levels this spring.”

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