Mortgage applications drop, while loan rates remain low
High unemployment combined with negative home equity is weighing on a recovery in the housing market.
The four-week moving average for applications, which smoothes the volatile weekly figures, was down 0.8 percent, while it’s up 2 percent for purchase applications and down 1.4 percent for refinancing requests.
The average rate on a 30-year fixed mortgage declined to 4.47 percent from 4.50 percent the prior week, the group said.
A 15-year fixed loan fell to 3.96 percent from 4 percent.
The share of applications for refinancing a loan fell to 80.5 percent from 81.9 percent.
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