Mortgage applications soared at the beginning of January 2020 and now they look to be tapering off according to a recent report from CNBC. The Mortgage Bankers Association revealed that total application volume dipped 1.2% last week.
"Even with more positive developments surrounding the U.S. and China trade negotiations and healthy retail sales data, investors seemed cautious and maintained their demand for safer U.S. Treasurys, which kept yields lower," said Joel Kan, an MBA economist, according to the report.
"Our expectation is that rates will stay along this same narrow range."
Meanwhile, refinance applications also took a slight hit with a 2% decline. However, it is worth noting that refinance applications are still 116% higher than just a year ago. Mortgage applications to purchase a home also saw a 2% decline, though, they still stood 8% higher than last year.
To learn more about the slight dip in mortgage applications, click here.