Mortgage loan application volume dropped by 8.5 percent last week as demand for homes remained weak, according to the Mortgage Bankers Association.
The association said high inventories and prices that show no sign of increasing significantly any time soon means potential buyers “do not see any urgency to lock in purchases.”
Refinance loan applications made up 68.1 percent of all applications during the week, down from 69.3 percent the previous week.
The average contract interest rate for a 30-year mortgage was 5.03 percent, up from 4.94 percent a week earlier.
