Mortgage Applications Continue Decline

Week-over-week mortgage applications declined 3.3 percent week-over-week, according to the Mortgage Bankers Association.

Meanwhile, refinancing declined seven percent from the prior week, according to the trade group. 

But despite that, purchases increased 12 percent from the prior week, MBA says.

“The ten largest states had increases in purchase activity, which is potentially a sign of the start of an upturn in the pandemic-delayed spring homebuying season, as coronavirus lockdown restrictions slowly ease in various markets,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Read the full MBA report here.