Mortgage Applications Decrease Amid Mixed Rates
Mortgage applications decreased 1.8% from one week earlier, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.
Purchase applications declined for the third consecutive week but remained 20% ahead of last year's pace, while Federal Housing Administration (FHA) refinance applications rose 12%.
"Mortgage rate movements were mixed last week, with the 30-year fixed rate decreasing slightly to 6.42%,"
said Joel Kan, MBA's vice president and deputy chief economist. Despite the overall decrease, mortgage applications remained strong compared to last year.
- Mortgage applications decreased 1.8% from one week earlier.
- FHA refinance applications increased 12%.
- Purchase applications declined for the third consecutive week.
Author's summary: Mortgage applications decreased 1.8% amid mixed rates.
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