- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.16% from 3.24%.
- Refinance demand rose 7% last week from the previous week.
- Mortgage applications to purchase a home increased 3% for the week but were 4% lower than the same week one year ago.
Mortgage rates fell for the second straight week last week, and that helped boost refinance demand for the first time in a while. As a result, total mortgage application volume rose 5.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.16%…