Mortgage rates are falling fast but not enough to offset high home prices. Buyers are still pulling back.
Mortgage application volume increased 1.5% last week and 12% from a year earlier, according to the Mortgage Bankers Association.A home for sale is seen in Santa Monica, California.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 4.23% from 4.33% by the end of last week, with points decreasing to 0.33 from 0.42 for loans with a 20% down payment. Total refinance volume rose 6% from the previous week and was nearly 33% higher than a year ago, when interest rates were 52 basis points higher. The refinance share of mortgage activity increased to 42.2% of total applications from 39.7% the previous week.
Mortgage applications to purchase a home, however, fell 2% for the week and were barely 0.5% higher than a year ago. High prices continue to sideline buyers, especially first-time buyers, who are a growing segment of the market. Millennials are aging into their prime homebuying years, but they are saddled with debts, are likely paying high rents and are facing one of the least-affordable markets in decades.
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