Talking Points
- Total mortgage application volume decreased 1.7 percent last week and was 15 percent lower than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted report.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.78 percent from 4.81 percent, its lowest rate since the week ending July 20, with points increasing to 0.46 from 0.42 (including the origination fee) for loans with a 20 percent down payment.
- Applications to refinance a home loan, which are usually highly rate-sensitive, decreased 3 percent from the previous week.