Mortgage demand has been more than muted for the last several weeks, even as rates sit near two-year lows.
Mortgage application volume fell 2.4% for the week last week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 34% higher, compared with the same week one year ago, due to this year's stronger refinance market. The results included an adjustment for the July 4th holiday.
Despite the rate drop, mortgage applications to refinance a home loan fell 7% for the week, although they were 88% higher than the same week one year ago, when interest rates were 72 basis points higher. The average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances increased to 4.03% from 4.00%.
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