Mortgage activity, which started the year strong out of the gate, has softened somewhat but remains historically robust. So reports CNBC.
Mortgage applications decreased 1.2% in the week ending January 17 when compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
“Mortgage applications dipped slightly last week after two weeks of healthy increases, but even with a slight decline, the total pace of applications remains at an elevated level,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
“The purchase market has started 2020 on a strong note, running 8% higher than the same week a year ago,” Kan said. “Refinance applications remained near the highest level since October 2019.”