Wednesday, June 29, 2016
Despite Lower Rates, Mortgage Applications Drop
The lowest mortgage rates in three years are not causing much of a stir
in purchase applications for home mortgages, down 3 percent in the June
24 week for the third weekly decline straight. The year-on-year increase
in purchase applications volume is a still very strong 13 percent,
though far below the 30 percent gains seen in March. Even mortgage
refinancing activity abated, down 2.0 percent after rising 7 percent in
the prior week. The average rate for 30-year fixed rate mortgages on
conforming loans ($417,000 or less) fell 1 basis point to 3.75 percent,
the lowest rate since May 2013.
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