Weekly mortgage applications drop after tiny rise in rates

It didn’t take much to throw a wet towel on the recent heat in mortgage applications.

Total volume dropped 3.2 percent for the week ending January 23 on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA). The results include an adjustment for the Martin Luther King holiday as well. After huge gains at the beginning of this month, mortgage applications are still up a striking 36 percent from a year ago.

“A 3.2 percent weekly decrease, after the two gigantic previous increases, leaves the index in stellar territory. After the past two weeks, I celebrate down 3.2 percent,” said Matthew Graham of MORTGAGE NEWS Daily. More here. 

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