WASHINGTON–Mortgage applications ticked up 2.3% from one week earlier, but they remain 23% below where they were a year ago at this time, according to the latest data from the Mortgage Bankers Association.
The MBA said its survey showed applications to refinance loans increased 2% for the week, but are 40% lower than a year ago.
The application increase came as the average rate on the 30-year, fixed-rate mortgage declined to 4.35% from 4.39%.
Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, also rose 2% for the week and are 3.6% higher than a year ago