Mortgage Refinance

Mortgage applications just barely stayed positive last week, ticking up slightly. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.5%. Adjusted purchase applications rose by 2%, while the unadjusted index was down 0.1% from the week before and 32% lower YOY. The average interest rate for 30-year fixed loans fell for a third week from 6.77% to 6.73%. Though it’s not a huge drop, any dip will pull some rate-sensitive buyers off the sidelines. This is especially true for new construction, which is having a boom moment thanks to the crippling shortage of existing homes for sale. “Purchase applications increased, driven by a 2% gain…