After three weeks of gains, mortgage applications reversed course and dropped last week, amid rising mortgage rates, the Mortgage Bankers Association reported in its weekly survey.
Most of the drop was attributed to a decrease in refinancing.
The MBA’s mortgage application index,which reflects applications for refinancing and purchases, dropped 8.1 percent in the week ending Jan. 25.
Broken out, refinancing applications, which make up the biggest bulk of the index, dropped 10.2 percent last week. Applications for home purchases, viewed as a leading indicator of future home sales, dropped slightly at 1.8 percent for the week.
The 30-year fixed-rate mortgage rose to its highest level since September, rising 5 basis points to a 3.67 percent average. The 30-year fixed-rate mortgage has risen six of the last seven weeks, according to MBA.
The author of this article is: realtormag.realtor.org
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