Weekly Mortgage Applications Drop 9% As Refinances Pull Back...
Refinance weakness caused the overall drop. Those applications fell 16% for the week but Were 61% higher than a year ago.
Mortgage applications to purchase a home increased 1% last week, the Mortgage Bankers Association says. The combination of a holiday week and a stagnant mortgage rate Environment kept borrowers away from their lenders last week. Mortgage application volume Decreased 9.2% from the previous week, according to the Mortgage Bankers Association’s Seasonally adjusted index. The week’s results also include an adjustment for the Thanksgiving holiday.