Mortgage Loan Demand Rises as Rates Fall

According to The Mortgage Bankers Association’s Weekly Applications Survey, total loan application volume rose 2.2 percent last week due to a 4.9 percent increase in the Refinance Index. The Purchase Index fell 3.7 percent. The average contract interest rate for 30-year fixed-rate mortgages dropped to 4.78 percent from 4.82 percent the week before. More here and here.

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