For the third consecutive week, the volume of mortgage applications has declined. According to The Mortgage Bankers Association’s weekly Market Composite Index for the week ended August 30, total mortgage applications in the U.S. fell 3.1 percent on a seasonally adjusted basis from the week prior.
Applications to refinance an existing mortgage declined seven percent, although lower rates kept that figure elevated above 2018’s numbers. Despite last week’s decline, the volume of refinances remain 152 percent higher than they were in August 2018 when mortgage rates were nearly a full percentage point above today’s levels.
Currently, mortgage rates are at their lowest point since November 2016 with conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.