Mortgage Applications Down

Mortgage demands have slowed down this week compared to last. The Mortgage Bankers Association seasonally adjusted index shows that total application volume was 2.7% lower than the previous week. Volume was still 3.3% higher than the same period last year.

People looking for mortgages saw a drop in interest rates in December and took advantage the rates at the start of this year. Last week, however, rates rose slightly. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.75% from 4.74%, with points decreasing to 0.44 from 0.45 (including the origination fee) for loans with a 20% down payment.

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