A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
div > div.group > p:first-child"> Mortgage application volume fell 5.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications were still 24% higher compared with the same week one year ago, thanks to the recent run-up in refinances.
The sharp drop in mortgage rates in the past month had caused a huge jump in refinances, but those applications fell 11 percent last week. Mortgage rates are still a quarter of a percentage point lower than they were a year ago, but so many borrowers have already refinanced at even lower rates that the pool of potential applicants is tiny. Applications were 42% higher than a year ago, but again, given the minuscule base of applications, the percentage moves are skewing larger.
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