Mortgage Application Volume Is Up For The Week, Down For The Year

August 9, 2017

Interest rates dropped last week, so buyers took advantage.

CNBC reports that mortgage application volume rose 3 percent on a seasonally adjusted basis from the previous week. The increase is likely due to last week’s .03 percentage point drop in the average contract interest rate for a 30-year fixed-rate mortgage, which is now down to 4.14 percent.

Mortgage application volume is down 25 percent from a year ago, however.

Refinance loans were up 5 percent last week but dropped 44 percent from the same time last year.

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