Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, fell 4% for the week but were 6% higher compared with the same week one year ago.
Mortgage application volume fell 11.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was still 54% higher than a year ago because interest rates were significantly higher last year. "Interest rates continue to be volatile, with Brexit votes and ongoing trade negotiations swinging rates higher or lower on any given day." said Mike Fratantoni, the association's senior vice president and chief economist. "Borrowers with larger loans are the most sensitive to rate changes, and with rates climbing higher last week, the average size of a refinance loan application fell to its lowest level this year.
Source: Loan Digest (loandigest.net)
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