"The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March," said Mike Fratantoni, Mortgage Bankers Association vice president of research and economics.
They Said It
The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders hit 3.44% for loans closed in October, down 0.12% from the previous month.
Since the housing crash in 2008, the ratio of purchase applications versus refinancing has completely switched. However, as the market levels out, purchase applications are likely to dominate the market again.
Nonprofits — the Cuyahoga Land Bank, NeighborWorks America, Rebuilding Together, the National Association of Hispanic Real Estate Professionals, PCV|VRM Seeds of Hope and many more local organizations — are investing significant resources to improve America’s most vulnerable housing markets.