Market update: Mortgage applications drop 1.6% in latest MBA survey

Mortgage applications dropped 1.6% from a week earlier in the MBA’s latest mortgage application survey. It was the fourth decline in four weeks, with refinances decreasing 5%, but purchases continued to rise with a 3% increase from the week prior.

Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Despite a drop in overall applications from the week before, purchase activity is still climbing as rates remain low and spring selling season is starting to ramp up. With home values back at healthy levels, look for inventory to increase in the coming weeks, which will continue to drive this trend of rising purchase activity.”

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