According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.84 percent from 5.0 percent the week before. Despite the drop in rates, loan application volume continues to be volatile. The Refinance Index decreased 6.5 percent last week and the Purchase Index was down 6.1 percent from one week earlier. The Market Composite Index, which rose 13.2 percent the previous week, was down 6.5 percent. More here and here.

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