Loan Demand Slips, Despite Falling Rates Last Week
Mortgage applications dropped last week, falling 1.2 percent, as both applications for home purchases and refinancing posted decreases, the Mortgage Bankers Association reported for the week ending March 14.
The MBA’s mortgage application activity index showed that refinancing applications dropped 1.3 percent for the week. Applications for home purchases, viewed as a leading gauge for future home sales, posted a slight drop at 0.9 percent for the week.
Mortgage applications have fallen for four of the past five weeks, according to the MBA.
Meanwhile, 30-year fixed-rate mortgages averaged 4.50 percent last week, dropping 2 basis points from 4.52 percent a week prior.