The annual gain\u00a0in purchase applications remains\u00a0positive (4 percent higher than a year ago), but they’re narrowing as the supply of homes for sale<\/a> falls and makes it tougher for buyers to find and afford a home, CNBC reports. \u00a0<\/p>\n Meanwhile, current homeowners may be holding out for even lower rates. Refinancing application volume dropped 2 percent last week and is down 41 percent from a year ago, when mortgage rates were lower.<\/p>\n “Mortgage rates generally fell, but not as low as they had in 2016,” says Joel Kan, an economist with the Mortgage Bankers Association. “Borrowers potentially looking at a refinance might be waiting for a much bigger decrease in order to act.”<\/p>\n The 30-year fixed-rate averaged 4.11 percent last week, down from 4.12 percent the week prior and the lowest level since November 2016, the MBA reports.<\/p>\n The MBA\u2019s index of total mortgage applications, which includes home purchases and refinancings combined, eased 2.3 percent last week. The index is now nearly 25 percent lower compared to a year ago. The bulk of that drop is due to the lower number of homeowners who are refinancing their loans<\/a>.<\/p>\n Source: \u201cWeekly Mortgage Applications Drop 2.3% as Borrowers Wait for Lower Rates,\u201d CNBC (Aug. 30, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_aug\/mortgage_Activity_083017.png\")
The number of mortgage<\/a> applications for home purchases continues to underwhelm, despite rates being at their lowest levels since November. Mortgage applications for purchasing a home dropped 3 percent last week on a seasonally adjusted basis.<\/p>\n