General World News

Applications drop, despite falling mortgage rates

Following an almost 9% jump in mortgage applications last week, the Mortgage Bankers Association reported a 2.5% decrease in applications in its latest report for the week ending April 23, 2021.

Mortgage applications decreased despite mortgage rates falling for the third week in a row, indicating high prices and low inventory, said Joel Kan, MBA associate vice president of economic and industry forecasting.

“Even with a few weeks of lower rates, most borrowers have likely already refinanced, which is why activity has decreased in seven of the last eight weeks,” Kan said. “The details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com