Mortgage application volume fell 2.5% on an adjusted basis during the week ended April 23, despite a slight drop in mortgage interest rates, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances fell 1% compared with the previous week while applications for purchases fell 5%.
Year-over-year, applications for refinances were down 18% while applications for purchases were up 34%.
The average rate for a 30-year fixed-rate mortgage based on closings
