Demand for purchase mortgages down 21 percent year over year

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 rate 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