Mortgage Applications Hit 14-Year Low

The Mortgage Bankers Association (MBA) announced on Wednesday that last week’s applications for home loans have dropped 3.1 percent, to their lowest levels in 14 years. In addition, applications for mortgage refinancing also fell 2.9 percent last week compared to the prior week.

Mortgage applications are falling at the same time that U.S. mortgage rates are among the lowest levels in history. The 30-year fixed rate mortgage rate last week stood at 4.69 percent, according to MBA.