Applications for purchase loans increased a seasonally adjusted 2 percent for the week ending Oct. 25 compared to a week earlier and were down 0.1 percent on an annual basis, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications survey.
During the same period, refinance applications climbed 9 percent from a week earlier, the trade group reported.
The drop in mortgage applications came as the average rate for a 30-year-fixed rate mortgage with a balance of $417,000 or less dropped to 4.33 percent from 4.39 percent a week earlier.
That was the lowest rate recorded by the MBA sine June of this year.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”