Talking Points
- Mortgage application volume jumped 4.1 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 2 percent lower than a year ago, largely due to weakness in refinances.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.75 percent from 4.84 percent, with points decreasing to 0.46 from 0.47 (including the origination fee) for 80 percent loan-to-value ratio loans.
- That is the lowest rate since the week ending April 20.