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Mortgage

Mortgage apps drop to two-decade low

Purchase applications fall to 1995 levels

Mortgage applications fell 8.5% from a week prior continuing its downward trend for the week ended Feb. 21, the latest Mortgage Bankers Association report found.

The seasonally adjusted Purchase Index decreased 4% from one week earlier to the lowest level since 1995.

As a whole, the refinance share of mortgage activity fell slightly to 58% of mortgage applications: the lowest level since September 2013.

Additionally, the refinance index fell 11% from the previous week, as the purchase index decreased 4% from one week earlier.

"Purchase applications were little changed on an unadjusted basis last week, but this is the time of a year we would expect a significant pickup in purchase activity, and we are not yet seeing it,” said Mike Fratantoni, MBA’s chief economist.

Meanwhile, the 30-year, fixed-rate mortgage with a conforming loan balance increased to 4.53% from 4.50%.

The 30-year, FRM with a jumbo loan balance increased to 4.47% from 4.45%.  

The 30-year, FRM backed by the FHA reached 4.17%, a growth from 4.16% a week prior.

Furthermore, the 15-year, FRM escalated from 3.55% to 3.56%, and the 5/1 ARM dropped to 3.17% from 3.20%.

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