- Mortgage applications to purchase a home were 2% lower last week than the previous week but a strong 21% higher annually.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 3.20%.
- However, the average rate for FHA-backed 30-year fixed-rate mortgages jumped to 3.27% from 3.13%.
With mortgage interest rates hovering near a record low, mortgage demand, especially from homebuyers, is now significantly higher than a year ago, but there are warning signs that first-time buyers may be struggling to stay in the market.
Total mortgage application volume fell 0.8% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Diana Olick | CNBC