Volume is still 30 percent below the same week one year ago, when interest rates were lower
By Diana Olick | CNBC
Lower mortgage rates are helping more homeowners refinance and reduce their monthly payments, but they are not providing much incentive to homebuyers, who are finding few affordable listings.
Related: Foreclosures keep falling, but housing won’t be back to normal for at least another year
Total mortgage application volume increased 4.4 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association. The gain was driven entirely by refinancings.
A drop in interest rates to the lowest level since November pushed refinance volume higher by 11 percent for the week. Volume remained 30 percent below the same week one year ago, when interest rates were even lower.
