Overall, mortgage applications fell last week. Refinance applications were down while purchase applications slightly edged up.
Refinance applications dipped 1.4%. This is the 4th week in a row that refinance applications have decreased. Purchase applications increased 1.8%. The overall decrease for mortgage applications was .09%.
Mortgage rates have increase which tends to reduce the amount of mortgage applications. However, it is interesting that purchase applications have a positive trend. Investors are putting more money into safer investment options such as treasuries lowering the yield. Mortgage rates tend to treasuries which is why we're seeing an upward trend in mortgage rates.
Experts expect rates to continue a gradual climb over the next year. If refinancing makes sense for you, you should take advantage as soon possible.
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