Weekly mortgage applications hit record for the third straight week
div > div.group > p:first-child"> Total mortgage application volume rose 1.6 percent last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 1.8 percent higher than a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.55 percent from 4.64 percent, with points decreasing to 0.42 from 0.47 for loans with a 20 percent down payment. That is the lowest rate since February 2018. Mortgage applications to purchase a home, however, did not respond substantially. Purchase volume increased 0.3 percent for the week and was 1 percent higher than a year ago.
"Entry-level housing supply remains weak and is likely hindering some would-be first-time buyers from finding a home," Kan said."This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks."
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