Talking Points
- There was a 2.6 percent drop in total mortgage application volume last week, according to the Mortgage Bankers Association’s seasonally adjusted report.
- Volume was 10.5 percent lower than a year ago.
- Refinance volume has been falling for the past month as rates rise, dipping another 4 percent last week to the lowest level since December 2000. Refinances are 27 percent lower than a year ago and now make up just under 36 percent of mortgage application volume.