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Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% 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 ($766,550 or less) decreased to 6.94% from 7.02%, with points decreasing to 0.61 from 0.65 (including the origination fee) for loans with a 20% down payment. That is the lowest level since March.
“Mortgage rates dropped last week following the latest inflation data and the FOMC meeting”, said Mike Fratantoni, MBA’s SVP and chief economist.
