Total mortgage application volume was essentially flat last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume fell 0.1% for the week but was 41% higher than the same week one year ago, thanks to a far more robust refinance market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.07% from 4.06%, with points increasing to 0.36 from 0.35 for loans with a 20% down payment. That is 72 basis points lower than the rate one year ago. Mortgage applications to purchase a home were up 1% for the week and 10% higher compared with the same week one year ago.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: