Mortgage activity needle doesn’t move

BStuck in neutraly Diana Olick | CNBC

A slight dip in interest rates was not enough to move the needle on mortgage applications last week.

Total volume was down just 0.2 percent for the week ending September 26th from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA).

Meanwhile, mortgage refinance volume fell 0.3 percent week-to-week, while applications to purchase a home didn’t move at all. Purchase applications are now 11 percent lower than they were one year ago and are running about 30 percent lower than historical norms.

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