Mortgage applications fall 4.8%, despite rate drop

Oxford | E+ | Getty Images
Oxford | E+ | Getty Images

By Diana Olick | CNBC

Mortgage applications fall 4.8%, despite rate drop

Low mortgage rates are no longer a novelty, hence no longer a sudden incentive for borrowers. Total mortgage application volume decreased 4.8 percent on a seasonally adjusted basis for the week ending February 26th versus the previous week, according to the Mortgage Bankers Association (MBA). This follows a mini-refinance boom, as rates fell through January and February to near record lows.

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