WASHINGTON–Mortgage apps were down 11.2% last week over the previous week, when mortgage apps were also down.
And while that’s two consecutive weeks of declines, the Mortgage Bankers Association announced the mortgage app volume is still up 42% over the same time one year earlier, when rates were higher.
According to the MBA, the average contract interest rate for 30-year fixed-rate mortgages increased to 3.69% from 3.65%.
"Despite the 30-year fixed mortgage rate being almost 50 basis points lower than a year ago, refinance activity has been extremely sensitive to rate increases as the pool of borrowers who can benefit from refinancing continues to diminish," said Mike Fratantoni, chief economist for the MBA, in a statement.
New mortgage applications to purchase a home decreased 3% to the lowest level since February.