MBA: Mortgage applications decline as economic uncertainty grows

Applications for 30-year fixed rate mortgages fall 3.7%

Mortgage applications fell even further for the week ending Feb. 8, 2019, according to the newest data from the Mortgage Bankers Association’s weekly Mortgage Applications Survey.

“Application activity fell last week – even with rates decreasing – as renewed uncertainty about the domestic and global economy likely held potential homebuyers off the market,” MBA Vice President of Economic and Industry Forecasting Joel Kan said. “Despite the recent decline in applications, we still expect that the continued strength of the job market and lower rates will support more purchase activity in the coming months.”

On an unadjusted basis, the Market Composite index retreated 3.7% from the previous week.

“The 30-year fixed-rate mortgage dropped to its lowest level since last March and was 52 basis points lower than its recent high last November,” Kan continued. “Government refinances provided a bright spark, picking up over 10%, as both FHA and VA refinancing activity saw increases over the week.”

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