Demand for purchase mortgages down 17 percent from a year ago

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Applications for purchase mortgages dropped a seasonally adjusted 4 percent for the week ending Jan. 31 compared to a week earlier and were down 17 percent from a year ago, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. Applications to refinance were up 3 percent from the week before.

The average rate for a 30-year fixed-rate mortgage with a balance of $417,000 or less decreased to 4.47 percent that week from 4.52 percent a week earlier, the MBA said.

Source: MBA