Mortgage demand falls for second straight week, signaling potential slowdown in housing recovery
Mortgage applications to purchase a home fell for the second straight week, down 1% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Purchase volume was still 15% higher than one year ago, but that annual comparison is now shrinking.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $484,350 decreased to 3.29% from 3.30% last week. Points including the origination fee increased to 0.36 from 0.32 for loans with a 20% down payment. That is another record low. Refinance demand, which is most sensitive to interest rates, fell 2% for the week but was 74% higher from a year ago. Refinance demand has been so high for so long that some lenders are not offering the best rates on these applications, simply in order to handle the volume. In addition, rates have been below 3.5% since March, and many borrowers have already refinanced.
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