Though mortgage rates are at their lowest level since November, buyers don’t seem to be taking full advantage.
CNBC reports that the total mortgage applications dropped 1.8 percent last week from the previous week, and that total volume is down 23.5 percent from a year ago.
The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances sits at 4.22 percent, down from 4.28 percent during the previous week. Applications to purchase a home decreased 3 percent from the previous week and 1 percent from the same week last year.
The mortgage market is expected to pick up steam soon.
"With a strong job market and signs of continuing economic growth, we are forecasting roughly 9 percent growth in purchase origination volume for 2017 relative to 2016," said Mortgage Bankers Association chief economist Mike Fratantoni.