Mortgage applications fall overall, but purchase applications rise in this week’s report

  • November 20, 2013

The weekly MBA mortgage application survey showed another drop this week with a 2.3% decrease overall, but purchase applications rose 5.8% while refinance applications dropped 6.5%. Quicken Loans vice president Bill Banfield offers the following comments on the report.

“Mortgage interest rates did a 180 last week with rates falling steadily through Friday. The improvements drove activity late in the week but the strong ending wasn’t enough for applications to increase week over week.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.

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