Market update: Mortgage applications decrease in MBA’s latest weekly survey

The weekly MBA mortgage application survey showed a 2 percent decrease overall in applications from a week earlier, with refinances decreasing 0.2 percent and purchase applications decreasing 5 percent. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Despite what appears to be a small drop in applications, we continue to see mortgage rates defy the effects of Fed tapering. Interest rates have fallen steadily since the beginning of the year, thanks in large part to weaker data on employment. These interest rate levels will likely lead to increased refinance and purchase activity over the coming weeks.”

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