According to the Mortgage Bankers Association (MBA), mortgage refinancing applications declined the most in three years on a slight rise in mortgage rates.
Of course, some of the decline is due to smaller pool of eligible borrowers following a “refi wave.” But still, The Federal Reserve may be prodded into action like in the song “Elvira.” Giddy up!
The MBA purchase applications index fell by 3.5% from the previous week, which is understandable since it is October and the October Country from home sales and purchase applications.
Actually, it is somewhat surprising that purchase applications are rising despite the decline in “subprime” (FICO < 620) borrowers.
Yes, it is The October Country for mortgage purchase applications which normally peak in May then decline.