Market update: Mortgage applications drop 1.2% in this week’s report

The weekly MBA mortgage application survey showed a 1.2 percent decrease overall in applications from the week prior, with refinances decreasing 1.3 percent and purchase applications decreasing 0.9 percent. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“The recent volatility in the bond market may be leaving some potential homebuyers balancing on the fence until they see rates stabilize a bit. Look for the purchase market to tick up in the coming weeks, with buyers taking advantage of increasing inventory as spring approaches as well as low rates, which most believe will only rise over the course of this year.”

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