Business

Mortgage application volume down as economic uncertainty returns


"Application activity fell last week — even with rates decreasing — as renewed uncertainty about the domestic and global economy likely held potential homebuyers off the market," Joel Kan, the MBA's associate vice president of industry surveys and forecasts, said in a press release.


"Despite the recent decline in applications, we still expect that the continued strength of the job market and lower rates will support more purchase activity in the coming months."


"The 30-year fixed-rate mortgage dropped to its lowest level since last March, and was 52 basis points lower than its recent high last November.


Government refinances provided a bright spark, picking up over 10%, as both FHA and VA refinancing activity saw increases over the week," Kan said.


The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased 4 basis points to 4.65%.


For 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350), the average contract rate decreased 2 basis points to 4.48%.






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