Mortgage application volume plummets
According to the Mortgage Bankers Association’s weekly application survey, mortgage application volume fell 22% during the week ending Feb. 15 as most interest rates rose.
The MBA’s mortgage application index fell to 822.8 for the week, from 1,063.5 during the previous week.
Refinance volume also dropped 27.9 percent during the week, while purchase volume fell 11.5 percent. Refinance applications accounted for 61.7 percent of total applications.
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