Having ticked up 2 percent last week, mortgage loan activity across the U.S. has since slipped a percent, driven by a drop in refinancing activity, according to the Mortgage Bankers Association.

In fact, while applications to refinance were up 100 percent on a year-over-year basis just two months ago, refinancing activity is now 43 percent lower, year-over-year, having dropped 5 percent over the past week in the absolute with mortgage rates inching up (but still historically low).

At the same time, purchase loan activity ticked up 9 percent in the absolute for a 2 percent year-over-year gain.

Comments from Plugged-In Readers

  1. Posted by OMN

    Am I interpreting this right? “Most existing homeowners who wanted to refinance already refinanced while rates were at the bottom, while new buyers continue to jump into the market.”

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