Total mortgage application volume barely moved last week, down 0.5 percent from the previous week, according to the Mortgage Bankers Association. That’s the second consecutive seasonally adjusted week of minimal moves.
Mortgage applications to refinance a home loan rose 0.3 percent from the previous week and are 38 percent lower than the same week one year ago, when rates were lower. The refinance share of total applications did rise to its highest level since January, at 48.7 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less remained unchanged from the week prior, at 4.12 percent, with points increasing to 0.39 from 0.38, including the origination fee, for 80 percent loan-to-value ratio loans. That is the lowest rate since the week of the Nov. 8 presidential election.
The average interest rate for jumbo loans, greater than $421,100, however, fell 5 basis points to 3.99 percent for the week. The jumbo rate is now 13 basis points lower than the conforming rate, the largest spread between the two since March 2016.
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