Mortgage Applications Take a Tumble


U.S. mortgage application volume decreased in the latest week, according to the Mortgage Bankers Association. The MBA’s Market Composite Index fell 4.3% compared to the week before. Refinance requests declined 5% even though mortgage interest rates fell as well. Refinance applications were still up 11% from last year at this time as rates have dropped significantly since then. Home purchase applications decreased 4% from the previous week but were up almost 1% from a year ago