Nationwide Mortgage Applications February 2014

Despite a move down in rates recently, mortgage applications continue to fall.  It appears that the current volume is near a 20-25 year low as both purchase and refinance applications dry up.  Lenders driven primarily by high volume are finding it very difficult t operate in this environment.   From a historical stand point rates are still very low however compared to the last 2-4 years they’re on the high end.  It’s difficult at best to say where rates will be in 6-12-24 months so it’s important to remember to lock in terms to avoid any possible rate increases.