Talking Points …
- Total mortgage application volume fell 3.3 percent on a seasonally adjusted basis for the week from the previous week, according to the Mortgage Bankers Association.
- A 6 percent drop in refinance volume was behind the weekly drop. Refinance activity has been falling steadily for the past month, now dipping to its lowest level since August.
- The average contract interest rates for 30-year fixed rate mortgages with conforming balances ($417,000 or less) increased to 3.94 percent from 3.89 percent, with points increasing to 0.42 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio loans.