Mortgage Applications Down Despite Rock-Bottom Rates

Despite record low mortgage rates, mortgage applications fell 4.9 percent for the week ending Sept. 2, according to an industry trade group.

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.

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