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Mortgage Applications Drop Despite Rates At Three-Month Low

Mortgage applications have fallen 5.8% from exactly one week earlier, despite the fact that buyers have the upper-hand in the market with rates dropping to their lowest points in three months. Though, it's not all bad news for the mortgage industry.

"But even with the decline in volume, the refinance share of mortgage activity increased to 43.5% of total applications, its highest level since February 2018, from 41.5% the previous week," reported National Mortgage News.

"The seasonally adjusted purchase index decreased 7% from one week earlier, while the unadjusted purchase index decreased 10% compared with the previous week and was 2% higher than the same week one year ago."

The publication cited date from the Mortgage Bankers Association which also believes that "market volatility and economic uncertainty" has plenty to do with the decline in mortgage applications.

"The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased 2 basis points to 4.94%," according to the report.

"For 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100), the average contract rate decreased 6 basis points to 4.8%."

To learn more about the decline in mortgage applications and possible reasons behind it, click on the image above.

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