Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers.
Mortgage application volume fell 1.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications to refinance a home loan rose 5% for the week but were still 86% lower than the same week one year ago. There are still precious few current borrowers who can benefit from a refinance at today's higher interest rates. The refinance share of mortgage activity increased to 28.7% of total applications from 26.1% the previous week.
"Purchase activity slowed last week, with a drop in conventional purchase applications partially offset by an increase in FHA and USDA loan applications," noted Joel Kan, an MBA economist in a release.
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