Talking Points …
- Mortgage applications decreased 4.1 percent from one week earlier for the week ending April 22, according to the latest figures from the Mortgage Bankers Association. Rates moved higher for the second week in a row.
- The refinance share of mortgage activity is also backing away from its once increasing trend and instead decreased to 54.4 percent of total applications from 55.4 percent the previous week. In addition, the adjustable-rate mortgage share of activity increased to 5.2 percent of total applications.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $417,000) increased to 3.85 percent from 3.83 percent, with points increasing to 0.35 from 0.32 (including the origination fee) for 80 percent loan-to-value ratio loans.