Talking Points
- There was a 0.2 percent drop in mortgage application volume last week from the previous week. Volume was 12.6 percent lower than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted data released Wednesday.
- The refinance share of mortgage activity increased to 36.8 percent of total applications from 36.5 percent the previous week.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged at 4.77 percent, with points decreasing to 0.45 from 0.46 (including the origination fee) for 80 percent loan-to-value ratio loans.