Mortgage rates decreased for the first time in over two months, but the decline was not enough to reverse a slide in demand. Total mortgage application volume fell 5.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate for a 30-year fixed-rate mortgage with a conforming loan balance of $832,750 or less dipped to 7.41% from 7.50%, with points decreasing to 0.75 from 0.83. Yet both purchase and refinance applications continued to decline, leaving the housing market under pressure.
organisation
Mortgage Bankers Association
US trade association for the mortgage industry