MBA: Mortgage application volume decreases after surge

Mortgage volume was down recently.The Mortgage Bankers Association recently revealed that the number of home loan applications filed during the week ending September 2 decreased from the previous week.Overall, 5 percent fewer applications were filed on a seasonally adjusted basis during the week. Refinance and purchase activity both fell on adjusted bases as well, as 5.5 percent fewer refinance and 3.8 percent fewer purchase applications were filed.The decline comes a week after applications grew 16 percent, as more homeowners sought to take advantage of the nation's low interest rates and refinance their home loans. The average interest rate for 30-year fixed loans during the week was 4.57 percent, while rates for 15-year fixed-rate mortgages averaged 3.67 percent.During the week ending September 2, just below 70 percent of the applications submitted involved refinancings, which is down from 70.1 percent the week before.The four-week moving average for all mortgage applications also fell, declining 0.3 percent.The Houston real estate market has continued to experience gains in recent months, so the fewer applications filed during the week may slow this trend slightly.Courtesy of 2M Realty News

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