Mortgage Applications Down Despite Rock-Bottom Rates
The Mortgage Bankers Association said Wednesday that its market composite index -- a measure of mortgage loan application volume -- fell 4.9 percent on a seasonally adjusted basis from a week earlier.Meanwhile, the refinance index dropped 6.3 percent and the purchase index declined 0.2 percent from a week ago. The unadjusted purchase index is 13.5 percent lower than a year ago and nearing a 15-year low.
The average 30-year, fixed-rate mortgage fell to 4.23 percent from 4.32 percent, while the average 15-year FRM decreased to 3.41 percent from 3.49 percent.
Read the full story at HousingWire.
For more insight on mortgages and refinancing see these AOL Real Estateguides:
- Mortgage Jargon in Simple Terms
- How to Get a Low Mortgage Rate
- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance
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