Mortgage application volumes declined in the past week, even as interest rates were cut down to the lowest level a month. XHB is up 0.24% premarket.
- The total mortgage application volume for the past week slipped by 0.6% from the previous week, data from the Mortgage Bankers Association showed.
- The average contract interest rate for the 30-year fixed-rate mortgages with conforming loan balances declined to 3.27% from 3.30%.
- The latest rate is 41 basis points lower than the comparable period last year, with points up 0.41 from 0.39, including the origination fee for loans with a 20% downpayment.
- Home loan refinancing applications jumped by 2% from the past week but were 42% lower than the same period last year.
- Active listings slumped to a fresh record-low at the end of November, with the month being historically the leanest, with prices still rising.