Talking Points …
- Mortgage applications fell a seasonally adjusted 1.2 percent last week, despite lower rates and expectations of stronger home sales in May, according to the Mortgage Bankers Association (MBA).
- Total mortgage applications for refinances and home purchases are down 48 percent on year.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.31 percent, the lowest level since June 2013, from 4.33 percent.