Having slipped earlier this month, mortgage loan activity across the U.S. dropped 10 percent over the past week, with purchase loan activity dropping 8 percent and refinancing activity down 11 percent, according to the Mortgage Bankers Association.
That being said purchase activity is still 7 percent higher than at the same time last year, but that’s down from a 15 percent year-over-year gain last week and a 17 percent year-over-year increase two weeks ago.
And on a seasonally adjusted, purchase activity dropped 12 percent over the past week with the spring selling/buying season about to get underway and the benchmark mortgage rate within 20 basis points (0.20 percentage point) of its all-time low.
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February 25, 2021 at 07:56AM
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