Despite a decline in mortgage rates in the past week, one area of the mortgage market isn't seeing relief — the refinance market.
The Refinance Index decreased 2% from the previous week, according to the weekly survey from the Mortgage Banker's Association.
The refinance share of mortgage activity decreased to 27.6% of total applications from 28.1% the previous week.
"Refinance activity remained depressed, down 88% over the year," said Joel Kan, MBA’s vice president and deputy chief economist. "There is very little refinance incentive with rates so much higher than last year."
HOUSING AGENCY REPORTS RECORD FINANCIAL CUSHION AS IT BRACES FOR MARKET DOWNTURN