Mortgage Application Activity Picks up as Interest Rate Worries Ease
Applications for residential loans rose 1.2% seasonally adjusted and were up 48% unadjusted.
According to Mortgage Professional America, “Mortgage rates declined last week as markets reacted to data showing a weakening economy and slowing wage growth,” said Joel Kan, vice president and deputy chief economist at MBA. “All loan types in the survey saw a decline in rates, with the 30-year fixed rate falling to 6.42%. Purchase applications continued to be hampered by broader weakness in the housing market and declined slightly over the week, with the index slipping to its lowest level since 2014.
