Mortgage Loan Rates and Applications Lower

Before you go, we thought you'd like these...

House for SaleThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 4.7% in the group's seasonally adjusted composite index, following a rise of 0.2% for the previous week. Mortgage loan rates fell last week.

The seasonally adjusted purchase index decreased by 5% from the most recent report. On an unadjusted basis, the composite index fell 5% week-over-week. The unadjusted purchase index also decreased by 6% for the week and is up about 4% year-over-year.

The MBA's refinance index fell 4%, after remaining flat in the previous week.

The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, flat with the prior week.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.61% to 4.56%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.64% to 4.57%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.66% to 3.6%0.

The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.39% to 3.36%.

Refinancings continue at low levels when compared with the past two years as interest rates continue to bounce around- one week up slightly, the next week down slightly. Year-over-year, the unadjusted purchase index is still improved.


Filed under: Housing
Read Full Story

People are Reading

The Latest from our Partners
1 - 3 of 15