Weekly Mortgage Applications Fall 2.4% As Consumers Shrug Off Low Rates
Mortgage demand has been more than muted for the last several weeks, even as rates sit near two-year lows. Mortgage application volume fell 2.4% for the week last week, according to the Mortgage Bankers Association's seasonally adjusted index.
Volume was 34% higher, compared with the same week one year ago, due to this year's stronger refinance market. The results included an adjustment for the July 4th holiday.
Mortgage rates shifted slightly lower again last week. The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.04% from 4.07%, with points increasing to 0.37 from 0.36 (including the origination fee) for loans with a 20% down payment.