Mortgage applications drop 1.8%, despite lowest interest rates since November

Fewer homebuyers jumped into the mortgage market last week even though interest rates hit their lowest levels in five months.
Total mortgage applications decreased last week by 1.8 percent from the previous week, according to the Mortgage Bankers Association. Total volume is down 23.5 percent from the same week last year.
“Mortgage rates dropped to their lowest level since November 2016, as geopolitical tensions continued to rise,” said MBA chief economist Mike Fratantoni. However, he added, “rates are still too high to attract much interest from homeowners looking to refinance, and purchase activity was relatively weak.”

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