Mortgage applications stall again despite interest rate decline

Photo by: WDAY Radio Staff
Photo by: WDAY Radio Staff

(Washington, DC) -- Demand for mortgages was barely lukewarm last week, in spite of a slight decline in interest rates.

The Mortgage Bankers Association reports applications for loans to buy homes inched up one-percent while applications to refinance existing mortgages rose two-percent.

Demand for both types of mortgages are well below their levels at this time last year. The national average interest rate for a 30-year fixed-rate mortgage fell 14 basis points, to five-point-84 percent.

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Photo by: WDAY Radio Staff
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