Homebuyers are rushing for mortgages, but fewer homeowners are refinancing even though rates are heading toward record lows.
Total mortgage application volume fell 2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 35% higher one year ago.
The annual gains are getting a big boost from homebuyers. Mortgage applications to purchase a home fell 2% for the week but was 28% higher than a year earlier. Last year, annual gains were in the low single digits for purchase demand.
Read more at CNBC.