Inman Connect
The housing market continues to slow with a drop in mortgage applications, even as interest rates recently dropped below the 3 percent mark for the first time in months.
Mortgage applications decreased 2.5 percent from one week earlier for the week ending Apr. 23, 2021, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 1 percent from the previous week and was 18 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier and was 34 percent higher than the same week one year ago.