Talking Points
- Mortgage application volume dropped 1.5 percent last week from the previous week and 15.4 percent than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted report.
- Refinance volume, which saw a significant gain the previous week, was down 2 percent for the week and off nearly 34 percent from a year ago, when interest rates were lower.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.83 percent from 4.75 percent.