Mortgage Applications Increase After Dip in Mortgage Rates

Source: Mortgage Orb — 

A decrease in mortgage rates resulted in mortgage application volume increasing 2.2% during the week ended November 18.

According to the Mortgage Bankers Association’s Weekly Applications Survey, applications for refinances increased 2% compared with the previous week, while applications for purchases increased 3% compared with the previous week.

Still, applications for refinances were down 86% compared with the same week one year earlier. And applications for purchases were down 41% year over year.