Mortgage Applications Fall 4.4% on Refinancing Decline
The association's purchase index rose 2% on a seasonally adjusted basis.
The average contract interest rate for a 30-year fixed-rate mortgage rose to 4.69% from 4.59%, which was the lowest since data started to be collected in 1990.
"The housing market is weak," Paul Anastos, president of Mortgage Master, a Walpole, Mass.-based lender, told Bloomberg News before the report. "There's good opportunity out there in the housing market, but because consumer confidence is fairly low, people aren't really shopping. They're worried about other things, like jobs."