Mortgage applications increased for the first time in over a month after a decrease in mortgage rates last week.
According to a weekly survey by the Mortgage Bankers Association, mortgage applications increased by 1.2% from last week, the first increase seen in five weeks.
Mortgage applications plummeted to their lowest level in three years as rates continued to edge higher, hitting home buyers and refinancers.
Mortgage applications decreased 13.1% in the week ending Feb. 18, the lowest level since December 2019, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey. The survey, which measures mortgage loan application volume, found refinancing activity decreased 15% on a weekly basis and was 56% lower than the same period one year prior.