Mortgage applications throughout the country decreased over the past week, continuing an up-and-down trend that has persisted over roughly the past month.
The Mortgage Bankers Association said in a press release on Wednesday that applications “decreased 1.7 percent from one week earlier,” a change from last week when they were up, which itself was a change from the week before when they had declined.
MBA Senior Vice President Mike Fratatoni said in the press release: “Interest rates drifted lower globally last week, as markets assessed the latest concerns regarding the delta variant. 30-year mortgage rates dropped below 3 percent in our survey for the first time since this February, presenting an opportunity for many homeowners who have not yet refinanced to lower their rate and their payments.”
The MBA noted that refinancing activity was up slightly over the week before, constituting “67.6 percent of total applications from 67.5 percent the previous week.”
“Purchase application volume decreased again,” Fratatoni added, “reflecting the ongoing lack of inventory that continues to drive rapid home-price appreciation across the country.”