Interest rates resumed their retreat last week, but that did not boost mortgage demand. Mortgage application volume decreased 3.1% for the week.
Mortgage application volume decreased 3.1% last week, according to the Mortgage Bankers Association.
Mortgage application volume decreased 3.1% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 62% higher compared with the same week a year ago, when interest rates were substantially higher and refinance activity was extremely low. Refinance applications, which have been strong over the past month, fell for the second straight week, down 7% from the previous week. Refinance volume was 152% higher than a year ago, but the annual comparison has been shrinking for the past three weeks. It may be that most of those who could benefit from a refinance and who want to go through the process have already done so.
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