Mortgage Demand Drops for Second Week in US

Mortgage applications for home purchases fell for the second consecutive week, down 1% from the previous week

Refinancing Demand decreased by 1% for the week, but 74% higher than a year ago. Mortgage applications for homebuyers have been declining over the past two months, even as mortgage rates drop.

The refinancing request has been high for a long time with lenders not offering the best rates for those applications, the rates have been below 3.5 since March and many borrowers have refinanced already.