Mortgage Application Volume Falls Last Week
Washington, DC, Feb. 26, 2014 -- Mortgage purchase applications last week fell to the lowest level in nearly 20 years, according to the Mortgage Bankers Association.
The seasonally adjusted Purchase Index declined 4% from the previous week, to the lowest level since 1995.
Total application volume declined 8.5% on a seasonally adjusted basis from a week earlier, while the Refinance Index was down 11% from the previous week.
The interest rate on fixed 30-year mortgages averaged 4.53% last week, up from 4.50% the previous week.