\n<\/p>\n
Mortgage<\/a> rates eased last week following recent increases, but would-be home buyers or refinancers didn\u2019t bite. Total mortgage application volume, which reflects for refinancings and home buying, dropped 2.9 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. This marked the sixth consecutive week of losses in applications.\u00a0<\/p>\n Mortgage application volume is now 10 percent lower than a year ago, the MBA reports.\u00a0<\/p>\n Refinance volume made up most of the drop last week, falling 5 percent week over week and reaching the lowest level since December 2000. Refinance volume was nearly 27 percent lower than a year ago, when mortgage rates were much lower.\u00a0<\/p>\n Mortgage applications for home purchases dropped 2 percent last week but remain 2 percent higher compared to a year ago, the MBA reports.\u00a0<\/p>\n The 30-year mortgage rate averaged 4.84 percent last week, down from 4.86 percent the previous week.\u00a0<\/p>\n “Rates slipped slightly over the week as concerns over U.S. trade policy and global growth sent some investors back to safer U.S. Treasurys,\u201d says Joel Kan, a spokesman for the Mortgage Bankers Association. \u201cMinutes from the most recent FOMC meeting also yielded a more dovish tone, which added to the downward pressure in rates.\u201d<\/p>\n Source: \u201cMortgage Rates Drop, But Borrowers Are Not Impressed,\u201d CNBC (May 30, 2018)<\/em><\/p>\n<\/div>\n<\/div>\n Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"