Falling mortgage rates failed to entice potential homebuyers last week as mortgage applications and refinancing activity both fell by double-digit percentages, possibly signaling that buyers are becoming more selective as inventory rises.
The latest data from the Mortgage Bankers Association (MBA), released on Aug. 21, show that mortgage applications fell by 10.1 percent for the week ended Aug. 16 from one week earlier, while refinancing activity plunged by 15 percent. Purchasing activity fell by 5 percent from the prior week.
