Mortgage demand falls 2.5%, refinancing continues to deteriorate
MBA Mortgage Applications
Composite Index: -2.5% to 252.8, compared to -8.5% to 259.4 in the prior week.
Purchase Index: -2.9% to 164.8, vs. -0.4% to 169.7 a week ago.
Refinance Index: -2.3% to 736.2, vs. -18.1% to 753.7 in the prior week.
30-year fixed-rate mortgages came in at 6.57%, compared to 6.65% last week.
“The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week,” said Joel Kan, Mortgage Bankers Association’s vice president and deputy chief economist.