Demand for purchase mortgages slips

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Demand for purchase mortgages slipped last week, remaining well below year-ago levels.

Applications for purchase mortgages edged down a seasonally adjusted 1 percent for the week ending March 14 and were down 15 percent from a year earlier, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Meanwhile, the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less decreased to 4.5 percent from 4.52 percent a week earlier, the MBA reported.

Source: MBA