Mortgage Applications Decrease Week End August 27, 2021

Mortgage applications in the United States fell 2.4 percent in the week ended August 27th, following a 1.6 percent increase the previous week, according to the Mortgage Bankers Association.

Refinancing applications decreased by 3.8 percent, while purchase applications grew by 0.6 percent.
At 3.03 percent, the average fixed 30-year mortgage rate remained constant.

“Despite the low interest rates, refinance applications decreased, with some borrowers waiting for rates to fall even lower. Recent economic and pandemic concerns have kept rates low in the last month, which explains why the refinance index has oscillated around these levels “, according to Joel Kan, associate vice president for economic and industry forecasts at the MBA.