Mortgage rates rose again last week, pulling demand from both the refinance and purchase markets.
Total mortgage application volume dropped 10.8% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Applications for a mortgage to purchase a home decreased 5% for the week and were just 2% higher than the same week one year ago.
Mortgage rates, however, are pricing some buyers out again, and concern over the economy and the election may have some sitting on the sidelines right now.
Mortgage rates were essentially flat to start this week, and whatever the results, or nonresults of the election, will surely play into recent volatility.
Persons:
Joel Kan, Kan
Organizations:
Mortgage, Federal Reserve
Locations:
Alhambra , California