Mortgage Applications Sink To Lowest Level In 9 Months

United States of America – Mortgage applications in the United States fell 7.2 percent in the week ending November 26th, the worst drop since mid-February, according to Mortgage Bankers Association data.

Refinance applications fell 14.8 percent as the average fixed 30-year mortgage rate increased 7 basis points to 3.31 percent, the highest level since April, while buy applications increased 5.1 percent.

Refinance demand was 41% lower year over year in the same week last year, while home purchase applications were 8% lower.