Mortgage applications fell for the third week in a row according to the Mortgage Bankers Association weekly survey. (MBA)
- Overalls applications fell 2.5% for the week driven by a drop in those looking to refi.
- The Refinance Index fell 5% from the previous week and was down 13% from the same week one year ago.
The Purchase Index actually increased 3% from the previous week and was up 26% from the same week one year ago.
MBA, like Freddie Mac last week, continues to show an increase in mortgage rates which helps explain the decline in refi interest.
- 30-YR Fixed: Increased to 3.36% with points increasing to 0.42 from last week.
- 15-YR Fixed: Increased to 2.72% with points increasing to 0.40 from last week.
While the overall application rate declined, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, noted that purchases continue to increase despite rising prices and rates, “Purchase applications were strong over the week, driven both by households seeking more living space and younger households looking to enter homeownership. The purchase index increased for the fourth consecutive week and was up 26 percent from last year’s pace…”