Mortgage refinance applications hit 18-year low

• With no major move in interest rates and continued weakness in home affordability, there was not a lot of incentive for homebuyers to make a move last week, and there was even less for homeowners looking to save money on their mortgages.
• Total mortgage application volume moved 0.1 percent lower last week from the previous week, according to the Mortgage Bankers Association.
• Volume was 22 percent lower than a year ago.