Refinancing Applications Decline as Purchase Applications Rise

In the Mortgage Bankers Association’s (MBA) latest weekly application survey, mortgage application volume declined by 2.5% from the prior week. For the third consecutive week, application volume has continued to decrease due to reductions in refinance demand. Dropping to 60% of total applications from 61% last week, refinance activity is “the lowest share observed since April 2011.” Purchase applications, on the other hand, increased by 2% from the prior week and were 6% greater than the same time last year. To see the contract interest rate changes for this week’s application survey, visit http://bit.ly/17mXjur.

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