Last month, the Federal Reserve Board announced that they're capping interest rates where they're at for the time being. There's been a decrease in mortgage applications since then. There are signs that fewer homeowners are interested in refinancing their loans as well.
Data compiled by the Mortgage Bankers Association (MBA) shows that mortgage applications submitted decreased by 2.2% during the week ending on Nov. 15. The number of homeowners who pursued refinancing had increased by 13% as of Nov. 8. It decreased to 5% one week later.