Mortgage applications drop 4.3%

Mortgage applications fell 4.3% in the most recent week even as mortgage rates retained their lowest levels since the 1940s.

The Mortgage Bankers Association noted the market composite index – a measure of mortgage loan application volume – declined 4.3% as interest rates continued to fall on the fact the Federal Reserve is investing in longer-term Treasury and mortgage securities.

The refinance index fell 5.2% from the previous week, while the index of loan purchases fell a slight 0.8%.

Meanwhile, the unadjusted purchase index fell 1.7% compared with the previous week and was 12.1% lower than the same week last year

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