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Mortgage Applications Drop 5%

Mortgage News > Mortgage Applications Drop 5%
Date: 12/18/2019    Mortgage Applications Drop 5%

As mortgage interest rates paused this week, the number of home loan applications sank 5%, according to the Mortgage Bankers Association. Compared with last year, however, mortgage application volume is up 65%, thanks to rates that are almost a full percentage point lower. The drop in applications was a result of a 2% decrease in home purchase loan requests and a 7% decline in refinance applications. Meanwhile, the average rate on a 30-year fixed rate conventional mortgage remained at 3.98% with 0.33 point.

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