Mortgage application volume increased last week and, in an odd coincidence, the move was the same as the previous week, but in the opposite direction.
Total volume rose 7.3 percent week-to-week, according to the Mortgage Bankers Association (MBA), the same amount it fell two weeks before. The move was, again, driven by refinance volume, which rose 13 percent – the same amount it fell the previous week. In other words, we're right back where we were two weeks ago.
Applications to purchase a home seem equally stuck, increasing just one percent from the previous week. On an annual basis, purchase applications are 4 percent lower, just as they were in last week's report. This as interest rates continue to vacillate by very few basis points.
"You're looking at the first time I can ever remember in the last 33 years where you had interest rates fall all year long in a up cycle, and mortgage purchase applications have had a negative year-over-year print every single week," noted Logan Mohtashami, a loan officer with AMC Lending Group in Irvine, CA.