Mortgage Applications Drop 4% In February

Mortgage applications for home purchases fell nearly 4 percent in the week ending Feb. 21 from the week prior, hitting their lowest level since 1995, the Mortgage Bankers Association reports. Last week’s purchase applications, which are viewed as a strong determinant of future home sales, were down about 15 percent from the same week in 2013, according to MBA.                                                                   mortgage applications

“This is the time of year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” says Mike Fratantoni, MBA’s chief economist.

Overall, MBA’s index of mortgage applications  — including home purchases and refinances — dropped 8.5 percent last week. MBA’s Refinancing Index dropped 11.4 percent last week, with refinance applications down 3 percent last week from the week prior.

MBA also reports that average 30-year fixed-rate mortgage rates rose to 4.53 percent last week from 4.5 percent the week before. That’s the highest reading since the week ending Jan. 17.

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Source: Mortgage News Daily 02/25/2015


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