Mortgage Applications Drop 6.7% This Week

by on April 15, 2011 in Tips

Mortgage applications for refinancings and purchases continued to fall, despite low interest rates, according to the Mortgage Bankers Association’s weekly report for the week ending April 8.

Overall mortgage applications dropped 6.7 percent compared to one week earlier.

The Purchase index for mortgage applications decreased 4.7 percent compared to the previous week, and is 11.4 percent lower than the same week one year ago.

Applications for refinancings also fell, dropping 7.7 percent to its lowest level since Feb. 11.

While interest rates have increased for four straight weeks, the 30-year fixed-rate–a popular choice among purchase borrowers–continues to be under 5 percent.