MBA Reports 15% Fewer Refinances This Week

The Mortgage Broker's Association reported today that refinance applications dropped about 15% from last week, while mortgage applications dropped 10%. This drop has been attributed to a lack of borrowers who can qualify for refinances, and also those with a desire to try. With unemployment not looking to improve any time soon and mortgage rates set to rise because of the Fed's mortgage-backed securities program coming to an end, lets hope this numbers aren't here to stay.