US Weekly Mortgage Applications Drop 3.3%

Higher interest rates pushed mortgage refinancing activity down further last week, and home buying isn’t picking up the slack.

Total mortgage application volume fell 3.3 percent on a seasonally adjusted basis for the week from the previous week, according to the Mortgage Bankers Association. It is nearly 21 percent higher than the same week one year ago.

A 6 percent drop in refinance volume was behind the weekly drop. Refinance activity has been falling steadily for the past month, now dipping to its lowest level since August. Mortgage interest rates are still historically low, but they did rise last week.

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza