Mortgage Applications Barely Budge Despite Rates Falling To A Three-Month Low

Mortgage applications inched up last week, moving just slightly despite rates falling to a three-month low. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 0.8%, adding to last week’s 0.9% bump. The results include an adjustment for the Juneteenth holiday. Adjusted purchase applications increased by 1%, while the unadjusted index was down 10% and 13% lower YOY. The boost was small despite rates falling to their lowest level in three months, 6.93%. “Lower rates, however, were still not enough to entice refinance borrowers back, as most continue to hold mortgages with considerably lower rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.…