Highlights
Rates are coming down but points paid are going up which the Mortgage Bankers Association says is pulling down volume of refinancing applications which fell 12.2 percent in the August 26 week. A plus is that the purchase index ended three weeks of heavy decline though with only a mild 0.9 percent gain. Rates are near 10-month lows, at 4.32 percent for 30-year lows for a seven basis point decline in the week. Points for 30-year loans increased to 1.30 from 0.88 (including origination fee) for 80 percent loan-to-value ratio loans.