According to CNBC, total mortgage application volume last week fell 0.8 percent from the previous week. It has dropped 11 percent since the same week last year, per data from the Mortgage Bankers Association.
Mortgage applications to purchase a home, though, were up 1 percent for the week and 4 percent over the previous year. Housing demand is strong, as a survey from Redfin found a 26 percent increase in home tour requests.
"The only factor holding back sales this spring is supply," said Redfin chief economist Nela Richardson. "Limited inventory, particularly for starter homes, has put a crimp in the 2017 market. We expect to see more listings hit the market this spring, but there will still not be enough inventory to match homebuyer demand."
Refinances are down 3 percent for the week and 26 percent over the last year.