Applications to refinance a home loan, which are most sensitive to weekly rate moves, fell 5% for the week and were 20% lower than a year ago, the Mortgage Bankers Association said.Overall mortgage application volume decreased 5.1% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
As a result, applications to refinance a home loan, which are most sensitive to weekly rate moves, fell 5% for the week and were 20% lower than a year ago. That is the slowest pace since last June. Mortgage applications to purchase a home fell 5% for the week and were 51% higher than a year ago. That annual comparison will be very large for the next few months, as the housing market stalled almost completely last year at this time, when the pandemic shut down the economy. It rebounded dramatically at the start of the summer.
Also there is no inventory. Corporations bought up all the housing.
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