Loan Demand Slips as Mortgage Rates Inch Down

January 29, 2014

Mortgage applications moved slightly lower last week, as interest rates moved to the lowest averages since November, the Mortgage Bankers Association reports. 

In its seasonally adjusted index, the MBA reports that overall mortgage applications -- including those for refinancings and home purchases -- dropped slightly by 0.2 percent for the week ending Jan. 24. 

Broken out, refinancing applications dropped 2.2 percent for the week, and applications for home purchases -- viewed as a leading gauge of future home sales -- increased 1.5 percent. 

Interest rates on 30-year fixed-rate mortgages averaged 4.52 percent last week, down 5 basis points from the previous week and the lowest average since November, the MBA reports. 

Source: “US mortgage applications near flat in latest week: MBA,” Reuters (Jan. 29, 2014)