Talking Points …
- Mortgage application volume decreased 2.4 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.
- Mortgage applications to purchase a home fell 5 percent from one week earlier but were 16 percent higher than the same week a year ago. Purchase applications are likely weaker due more to the lack of homes for sale than to any interest rate moves.
- Applications to refinance a home loan, which are more rate-sensitive, didn’t get a lift either, falling 1 percent, seasonally adjusted, from the previous week. However, they are nearly 52 percent higher than a year ago, when interest rates were higher.