WASHINGTON–Mortgage applications, which have been declining, were up 5.8% last week versus the prior week.
That’s the good news. But volume was 28% lower than the same week one week prior, according to the Mortgage Bankers Association.
The MBA said applications to refinance a home loan rose 5% for the week, reaching their highest level since December, but remain 45% below year-ago levels.
Mortgage applications to purchase a home were up 7% for the week as interest rates for 30-year mortgages decreased to 4.3% from 4.36%, the MBA said.
"Rates declined last week as investors favored U.S. Treasury bonds due mainly to political concerns from abroad," said MBA economist Joel Kan in a statement.