Talking Points …
- Mortgage applications slightly grew 2.7 percent from one week earlier, with the seasonally adjusted purchase index decreasing 2 percent from one week earlier, according to the Mortgage Bankers Association.
- Driving the rise in mortgage applications, the refinance index increased 7 percent from the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased from 3.94 percent to 3.86 percent.
- The Federal Housing Administration’s share of total applications barely fell to 11.3 percent from 11.5 percent the week prior. The Veteran Affairs’ share of total applications decreased to 12.2 percent from 12.9 percent the week prior.