Purchase mortgage application volume in the U.S. dropped 2 percent on a seasonally adjusted basis and 1 percent in absolute over the past week and was 14 percent lower than at the same time last year, based on application data from the Mortgage Bankers Association.
At the same time, while the average rate for a 30-year jumbo mortgage inched down 6 basis points (0.06 percentage points) over the past week to 7.39 percent, the average rate for a conforming 30-year loan continues to climb, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
UPDATE: Purchase mortgage application volume in the U.S. ticked back up 2 percent over the past week but was down 17 percent on a year-over-year basis with the average rate for a 30-year mortgage having moderated, as projected, and the average rate for a 30-year jumbo having ticked down to 7.18 percent.