- Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.73% from 6.77%.
- Applications to refinance a home loan fell 2% for the week and were 40% lower than the same week one year ago.
- Mortgage applications to purchase a home increased 2% for the week but were 32% lower than the same week a year ago.
The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week, but demand for mortgages didn’t move much.
Total mortgage application volume increased 0.5% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. This after demand surged the week before.
Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.73% from 6.77%, with points falling to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment.
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Source: www.cnbc.com
ENB
Sandstone Group
