Mortgage Applications Down 2.4% Last Week
Despite no change in historically low mortgage rates, mortgage applications dropped 2.4% last week, according to the Mortgage Bankers Association’s Weekly Mortgage Application Survey. The MBA said the decline in its seasonally adjusted market composite index tracking mortgage applications was influenced by a 3.8% decline in applications to refinance existing loans. “There was little change in mortgage rates last week, with the 30-year fixed remaining at 3.03 percent. Despite low rates, refinance applications declined, with some borrowers still waiting for rates to drop even lower,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Recent uncertainty around the economy and pandemic have kept rates low over the past month, which is why the refinance index has oscillated…