WASHINGTON–Total mortgage application volume rose 2.7%, seasonally adjusted, for the week, according to numbers released by the Mortgage Bankers Association.
The MBA said that mortgage refinancings remain below where they were at the same time in 2016, when rates were lower, but refi volume was up 7% over the prior week as mortgage rates have declined in 2017.
The average rate for 30-year fixed-rate loans decreased to 4.20% from 4.22%, according to the MBA.
The big issue in home purchases isn’t rates as much as it is available inventory, according to analysts. Mortgage applications to home purchases fell 1% for the week and are a slight 0.4% higher than the same week last year, according to the MBA.