Mortgage Applications are Down

Mortgage applications fell last week .09%. While purchase applications increases 1.8%, refinance applications, which are a greater portion of the mortgage application universe, decreased 1.4%.

The increase in the purchase applications is a good sign but it may only be a one time occurrence. It may not be a sign of a strengthening real estate marketing. We will have to wait for more numbers to see if purchase applications continue to trend upwards. Expect refinance applications to fall if mortgage rates continue to rise.