Mortgage applications fell for the sixth week in a row according to the Mortgage Bankers Association weekly survey. (MBA)
- Overalls applications fell 3.7% for the week continuing to be driven by a drop in those looking to refi.
- The Refinance Index fell 5% from the previous week and was down 31% from the same week one year ago.
- The Unadjusted Purchase Index fell 1% from the previous week but was up, like last week, 51% from the same week one year ago.
In a reversal from last week, MBA showed a decrease in mortgage rates for the week.
- 30-YR Fixed: Decreased to 3.27% with points decreasing to 0.33.
- 15-YR Fixed:Increased to 2.67% with points increasing to 0.44.
Even though rates fell slightly this week, higher rates along with higher home prices is restraining mortgage apps according to Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The third straight week of declining purchase activity is a sign that rising home prices and tight supply are constraining home sales – especially in the lower price tiers. Purchase applications were still above last year’s pandemic-impacted low point, but fell behind the level of activity seen the same week in 2019.”