Latest Survey Finds Mortgage Rates Down

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, mortgages backed by the Federal Housing Administration, and 15-year fixed-rate loans. Last week’s drop follows an increase the previous week that slowed total mortgage application demand. But despite the fact that average rates fell last week, demand was still down, according to the most recent survey. In fact, the Market Composite Index – which measures both refinance and purchase activity – slipped 3.9 percent from one week earlier. The decline included a 5 percent decrease in refinance demand and a 2 percent dip in the number of people seeking a loan to purchase a home. After falling again last week, refinance demand reached its lowest level since October of last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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