According to The Mortgage Bankers Association’s Weekly Applications Survey, purchase applications are nearly 40 percent below where they were just four weeks ago. The seasonally adjusted Purchase Index fell for the fourth consecutive week to its lowest level since April 1997. Still with interest rates for 30-year fixed-rate mortgages at 4.83 percent, total applications rose 0.9 percent due to a 2.4 increase in the Refinance Index. The MBA is forecasting a 5 percent drop in sales in the second quarter. More here, here, and here.