Market Update: Mortgage applications dropped 9% last week

This morning’s MBA Weekly Mortgage Applications Survey reported a 12% drop in refinance applications while purchase applications rose 3% last week. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Mortgage rates have jumped more in the past week than they have in years. Consumers who are still on the fence about refinancing need to act now.”

If you would like to talk to Bob in greater detail, please contact us.