Talking Points
- Mortgage applications posted a 3.5 percent drop from one week earlier, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 29.
- The Refinance Index decreased 4 percent from the previous week, as the seasonally adjusted Purchase Index decreased 2 percent from one week earlier to the lowest level since February 2016.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.67 percent from 3.69 percent.