It’s official: the mortgage industry has entered a purchase era, with refinance applications declining below 50% of the mix for the first time since June 2019, the Mortgage Bankers Association (MBA) reported on Wednesday.
Mortgage applications decreased 0.7% for the week ending Feb. 25, as mortgage rates reached 4.15%. Compared to the same week one year ago, applications dropped 41.7%.
The MBA‘s seasonally adjusted refi index increased 0.5% from the previous week, but fell 56.2% year-over-year. Meanwhile, the purchase index dropped 1.7% in one week and 8.6% in one year.
The survey, conducted weekly since 1990, covers over 75% details ⇒
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