Demand for purchase mortgages down 21 percent year over year

Published on Apr 30, 2014

Demand for purchase mortgages dropped last week, the Mortgage Bankers Association (MBA) reported.

Applications for purchase loans fell a seasonally adjusted 4 percent for the week ending April 25 compared to a week earlier and were down 21 percent on an annual basis, according to the MBA’s latest Weekly Mortgage Applications Survey.

The average rateĀ for a 30-year fixed-rate mortgage with a balance of $417,000 or less stayed flat at 4.49 percent compared to the previous week, the MBA said.

Source: MBA