Sunday
November 23, 2014

Mortgage Applications Fall, Again

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Mortgage Applications Fall, Again

Loan demand continued to soften this week, as mortgage applications for both home purchases and refinancings inched down, the Mortgage Bankers Association reported Wednesday.

MBA’s seasonally-adjusted mortgage application index showed that refinancing and home purchase applications dropped 4.1 percent for the week ending Feb. 14.

Broken out, refinancing applications dropped 2.7 percent for the week while home purchase applications – viewed as a leading gauge of future homebuying activity – dropped 6.3 percent to its lowest level since September 2011, MBA reports.

MBA says that mortgage rates were on the rise last week. The 30-year, fixed-rate mortgage averaged 4.50 percent, up 5 basis points over the previous week, according to MBA.

MBA’s survey reflects 75 percent of the nation’s retail residential mortgage applications.

Source: “U.S. Mortgage Applications Fall in Latest Week: MBA,” Reuters (Feb. 19, 2014)

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