Mortgage Rates Fall For 3rd Straight Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages dropped again last week, falling to the lowest level since November. Rates decreased for loans with conforming and jumbo balances, as well as mortgages backed by the FHA. Despite the declines, demand for mortgage loan applications was virtually unchanged from the previous week. The Market Composite Index, which measures total mortgage loan application volume, decreased just 0.2 percent. The Refinance Index fell 2 percent from the week before, while the seasonally adjusted Purchase Index gained 2 percent. The results include an adjustment for the Martin Luther King, Jr. holiday. The MBA’s survey, which has been conducted weekly since 1990, covers more than 75 percent of all U.S. retail residential mortgage applications. More here.

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