Mortgage applications dropped 4.2% from two weeks prior, according to the latest report by the Mortgage Bankers Association.

Mortgage rates continued 2020’s trend at historically low figures, with the 30-year fixed rate at 2.86% and the 15-year fixed rate at a survey low of 2.40%, according to Joel Kan, MBA’s associate vice president of economic and industry Forecasting.

But mortgage applications dropped during the week ending Jan. 1 – an annual occurrence during the holiday season. That should change as the year progresses, Kan said.

“The steady demand for home buying throughout most details ⇒

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