Loan demand rebounds on lower rates
Following several weeks of drops, mortgage application volume pushed higher last week. The uptick was mostly due to an increase in refinancers who took advantage of lower mortgage rates.
Total mortgage application volume, which reflects refinance and home-buying activity, rose 3.3 percent week over week on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA). However, volume remains 23 percent lower than a year ago.
The MBA also noted that Hurricane Harvey had an impact on application volume last week. Banks affected by the storm shut down all mortgage activity.