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Mortgage apps reverse course, decrease 2%

Refinance share remains frozen

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Mortgage applications slightly dropped after a light uptick last week and decreased 2% from a week prior, the latest Mortgage Bankers Association said.

Overall, the refinance share of mortgage activity remained frozen again at 62% of mortgage applications.

In addition, the refinance index declined .2% from the previous week, while the purchase index increased 1% from one week earlier.

The 30-year, fixed-rate mortgage with a conforming loan balance dropped to 4.45% from 4.47%, as the 30-year, FRM with a jumbo loan balance fell to 4.40% from 4.42%.  

Furthermore, the 30-year, FRM backed by the FHA grew to 4.13%, compared to 4.12% last week.

Additionally, the 15-year, FRM dipped to 3.49% from 3.53%, and the 5/1 ARM decreased to 3.11% from 3.15%.

“Despite what appears to be a small drop in applications, we continue to see mortgage rates defy the effects of Fed tapering. Interest rates have fallen steadily since the beginning of the year, thanks in large part to weaker data on employment," Quicken Loans Vice President Bill Banfield said.

"These interest rate levels will likely lead to increased refinance and purchase activity over the coming weeks,” he added. 

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