The Mortgage Bankers Association was out with its weekly data on mortgage activity Wednesday morning, and mortgage applications appear stuck in the mud. Here's CNBC's Diana Olick:
Despite the lowest interest rates in nearly three years, the number of people applying for a mortgage barely moved last week.
Mortgage applications to purchase a home rose just 0.4% for the week, seasonally adjusted. While they are 14% higher than one year ago, volume has not improved much in the last four weeks, the height of the historically robust spring housing market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.82% from 3.87%, with points decreasing to 0.34 from 0.36 (including the origination fee) for 80% loan-to-value ratio loans, according to the MBA.