According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased last week, climbing to 4.39 percent from 4.32 percent the week before. Despite near record-low rates, the Market Composite Index, which measures total mortgage loan application volume, was down 2.4 percent. Michael Fratantoni, MBA’s vice president of research and economics, said the decrease was due to a drop in purchase applications brought upon by another week of volatile markets and uncertainty about the economy. Still, the four week moving average for the seasonally adjusted Market Index is up 6.9 percent, while the four week average for the Refinance Index is up 9.9 percent. More here.


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