Plunge in Mortgage Applications Stalls, Down Just 0.7 Percent

CNBC, Dec. 7, 2016–Olick, Diana

The mortgage business bleeding appears to have slowed following a sharp rise in mortgage rates postelection. “Over the last month, going back to the week prior to the election, mortgage rates on 30-year loans have increased 50 basis points and refinance application volume has dropped by 28 percent,” said Mortgage Bankers Association Chief Economist Michael Fratantoni.