US Mortgage Apps Remain Near 13-Year Lows

While 30-year fixed mortgage rates have dropped by about 30 bps to 4.55% after peaking at 4.86% in September of last year, it is somewhat troubling to see that mortgage applications are practically unchanged during this period. Meanwhile the number of real estate credit employes has steadily decreased during this period as well. Finally, the purchase application index has remained range bound for nearly 3 1/2 years and the current reading is at the bottom of that range. We will be keeping an eye on whether or not mortgage applications are able to accelerate as we move into the spring.