Talking Points
- Total mortgage applications, including for refinancings and home purchases, dropped 2.1 percent on a seasonally adjusted basis last week as rates rose slightly, the Mortgage Bankers Association reported this week.
- Nevertheless, mortgage application volume is still 28 percent higher than the same week a year ago, when rates were much higher. Most of the uptick in applications, however, is due to refinancing demand.
- The average 30-year fixed-rate mortgage bumped up to 3.67 percent last week from a 3.64 percent average the previous week, MBA reports. Applications for refinancings dropped 3 percent last week. Still, refinancings are nearly 45 percent higher than the same week a year ago.
- Applications for home purchases dropped slightly by 0.3 percent last week and are 7.7 percent higher than a year ago, MBA reports. However, applications for purchases are now at a six-month low.