Mortgage Applications Drop 11% -- The Start of a Trend?

Mortgage Applications Drop 11% -- The Start of a Trend?

Mortgage rates have fallen to historic lows in the course of the coronavirus pandemic, and that's led to a surge in home loan demand. Total mortgage application volume fell 11.4% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Specifically, mortgage applications to purchase a home declined 12% for the week, while mortgage refinance applications fell 11%.