Buyers Not Taking Advantage of Low Rates

Mortgage rates remained near yearly lows last week, but home buyers didn't take advantage of the savings. Despite the low rates, mortgage applications for home purchases fell 1 percent last week, according to the Mortgage Bankers Association. Regardless of the latest week's dip, applications for home purchases do remain 17 percent higher than the same week a year ago. But most of the uptick lately in mortgage applications is coming from refinancing.