Talking Points

  • Total application volume fell 2.5 percent for the week and was 3.3 percent lower than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted report.
  • Refinance volume led the way down, falling 4 percent from the previous week and 15 percent from a year ago, when rates were much lower. 
  • The refinance share of mortgage activity decreased to 36.5 percent of total applications, its lowest level since September 2008.