With mortgage rates almost flat, activity drops

Freddie Mac says the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent for the week, up from last week’s 5.00 percent but way below 6.46 percent last year at this time. dollar-signs-money-clip-art-thumb2184272

And the Mortgage Bankers Association’s latest report is that loan application volume for the week ending Oct. 23 dropped 12.3 percent on a seasonally adjusted basis from one week earlier.   On an unadjusted basis, the decrease was 2.8 percent compared with the previous week, which included the Columbus Day holiday. Continue reading