Mortgage rates dropped last week, but it wasn’t enough to spur mortgage demand.

The market composite index, a measure of mortgage loan application volume, declined 0.8% for the week ending November 25 after rising 2.2% from the previous week, according to the Mortgage Bankers Association. The index fell by a whopping 67.8% compared to the same week in 2021.

Purchase applications were up 4% last week compared to the previous week, but were down by 41% year over year. Meanwhile, the demand for refinances dropped 13% last week and plummeted 86% on an annual basis.

“Mortgage rates declined again details ⇒

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