Mortgage Applications Plummet Causing Banks To Scramble To Lower Interest Rates

Mortgage Applications Plummet Causing Banks To Scramble To Lower Interest Rates

Mortgage ApplicationsMortgage applications continue to decline according to the Mortgage Bankers Association. Is this a sign Americans are losing faith in the lending industry?
The MBA stated that mortgage applications fell another 2.9% for the week ending May 18, 2018. This is the lowest it has fallen since December of 2000.
On an unadjusted basis, the index decreased 4% from the previous week.
The Refinance Index also dropped. The RI fell 5% from the previous week. This is also the lowest since December 2000.
The unadjusted Purchase Index also decreased. The PI fell 3% from last week. The seasonally adjusted Purchase Index dropped 2% from last week. However, this is still 2% higher from this time last year.
The refinance share of mortgage activity also fell .5%.  Mortgage applications for refinances decreased from last week’s 35.7% to 35.3%. This is the lowest level since August 2008.

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