Climbing mortgage rates have slowed demand for refinance applications, while purchase applications remain strong moving into spring, according to Mortgage Bankers Association
Mortgage applications and refinance applications increased during the week ending Dec. 11, 2020, according to the Mortgage Bankers Association's weekly survey
The market composite index, which measures mortgage loan application volume, increased by 2.9% on a seasonally adjusted basis. On an unadjusted basis, the index rose by 2.0%
The decline in loan application activity may be a result of rising coronavirus cases in many states, as well as the delay of a new government-issued stimulus package
Refinance rates increased by 0.4% week over week and by a whopping 111% year over year, according to data from the Mortgage Bankers Association released Wednesday
The average contract interest rate for 30-year, fixed-rate mortgages dropped to 3.45%, its lowest level since the Mortgage Bankers Association began its weekly survey
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