Demand for purchase mortgages was down 0.3 percent last week from the week before, after seasonal adjustments, the Mortgage Bankers Association (MBA) reported Wednesday. The MBA’s Weekly Mortgage Applications Survey found purchase loan demand was down 17 percent from a year ago.
With mortgage rates back to levels not seen since August, refinancing is starting to make sense for some homeowners again, driving refi requests up 14 percent last week compared to the week before, and 10 percent from a year ago.
“Refinance applications saw the strongest week in two months, increasing on a year-over-year basis for the second consecutive week for the first time since late 2021,” MBA Deputy Chief Economist Joel Kan said, in a statement. “The overall level of refinance applications is still very low, but recent increases could signal that 2023 was the low point in this cycle for refinance activity, consistent with our originations forecast.”
