The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased from 6.25% the week ending Jan. 2 to 6.18% last week.
“As part of those efforts, next week at Davos I’m going to provide much more detail about our housing policy so that every American who wants to own a home will be able to afford one,” President Trump said.
GSE refi business jumped and shifted toward borrowers with higher credit scores during the fourth quarter. With purchase mortgages, lenders also put a greater emphasis on LTV ratios below 81%.