Buyers are only 17 percent of mortgage market

The Mortgage Bankers Association said Wednesday refinancing activity accounted for 83 percent of mortgage applications last week as Americans continue to tap low interest rates to lower their debt loads.
The average interest rate on a conventional 30 – year fixed was 3.53 percent, down from 3.63. Jumbo loans also decreased to 3.82percent from 3.87 percent.
The average for a 15-year fixed rate was 2.9 percent.

Rob Varnon