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Mortgage Applications Down 10.5% in Past Year

Mortgage News > Mortgage Applications Down 10.5% in Past Year
Date: 05/24/2018    Mortgage Applications Down 10.5% in Past Year

Rising mortgage interest rates have contributed to a 10.5% decline in total home loan application volume since May 2017, according to the Mortgage Bankers Association. The MBA’s Mortgage application index fell 2.6% in the latest week, with home purchase requests slipping 2 percent and refinance applications falling 4 percent.

As home-buying affordability decreases, more buyers are turning to adjustable rate mortgages (ARMs) to finance their purchases. During the past week, the ARM share of mortgage activity rose to 6.8 of all applications.

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