Americans aren’t seeking mortgages in big numbers despite low borrowing costs and moderating price gains.
Mortgage applications fell 3.3% from last week despite mortgage rates that remained low, according to the Mortgage Bankers Association (MBA).
Applications to buy a home dipped 1%, the the third straight weekly decline, but they were still 7% higher than a year ago, when mortgage rates were higher. Applications to refinance a mortgage dropped 6%.
The 30-year fixed rate mortgage held steady at 4.33%, its lowest level since January 2018.