WASHINGTON–Mortgage applications have declined again, down 2% last week from one week earlier.
According to the Mortgage Bankers Association, total volume has declined nearly 21% from one year earlier.
The MBA said the trend really began following the inauguration of President Trump, when mortgage rates began to rise. The MBA data show the refinance share of mortgage activity fell to 46% of total applications, the lowest level since November 2008. That has led to some concerns as the Spring buying season approaches.
"Purchase applications are not increasing as fast as is typically expected at this time of the year," said Joel Kan, MBA's associate vice president of industry surveys and forecasting, in a statement.
According to the MBA, the average rate on the 30-year, fixed-rate mortgage increased to 4.36% last week from 4.32% one week earlier.
"Rates were up last week as markets assessed that the Fed might increase rates sooner than expected on the strength of a recent pick-up in inflation readings," Kan said in his statement.