Mortgage application activity dropped slightly at 0.2 percent in the latest week ending Sept. 26, even though borrowing costs moved lower during the week,
according to the Mortgage Bankers Association’s. While applications for home purchases held the same as the previous week. While the average interest rate for government loans is slightly lower than those for conventional loans, FHA insurance premiums, as well as average credit scores, have increased and are sidelining some lower-income borrowers. "With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home," loan originators to urge potential borrowers to lock in rates now if their closing is within 30 days, read more.
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