The number of mortgage applicants in the U.S. has declined even though the interest rate on loans has fallen

The Mortgage Bankers Association (MBA) reported that the number of mortgage loan applicants fell 1.9% last week, even though the mortgage rate fell.

The number of applicants for a refinance loan increased 5% last week, but is down 86% year over year. Home loan applicants fell 3% last week, down 40% from the same period last year.

The average interest rate on 30-year fixed-rate mortgages with conforming loan balances of $647,200 or less fell to 6.41% from 6.49% the previous week.

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