Mortgage Applications Drop as Rates Rise, Refinancing Stalled

The Mortgage Bankers Association’s (MBA) weekly survey of mortgage activity shows volume dropped by a seasonally adjusted 4.6% from the week prior. Activity is down 7.5% year-over-year, and the MBA’s index dropped to 593.3, roughly in line with depressed levels seen throughout the housing bust. Certainly no sign of increasing activity.

The four week moving average, however, is up 1%. Refinancing activity dropped by 8.9%, and refinancing’s share of mortgage activity declined to 46.1% from 48.2% the week prior. The average rate for a 30-year mortgage increased to 5.96% from 5.90% the week prior.

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