Purchase loan applications down 15 percent year over year

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Applications for purchase loans dropped a seasonally adjusted 4 percent for the week ending Jan. 17 compared to a week earlier and were down 15 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The MBA said the drop in purchase loan applications came as the average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less decreased to 4.57 percent from 4.66 percent.

During the same period, refinance applications grew 10 percent, the trade group reported.

Source: MBA