The number of applications for home mortgages dropped last week to the lowest level since mid-July, dampened by a decline in refinancing activity and, to a lesser extent, reduced purchase applications, according to the Mortgage Bankers Association (MBA).
Total mortgage application volume fell 1.9 percent last week from the week prior, according to MBA’s composite index that tracks mortgage originations. The drop reflects a 2.8 percent week-over-week decline in applications to refinance existing loans and a 0.2 percent decline in mortgage applications to buy a home.
