Mortgage Rates Fall After Recent Increases

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According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates fell last week, after rising slightly in previous weeks. The survey – which covers 75 percent of all retail residential mortgage applications – found that rates were down across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, as well as loans backed by the Federal Housing Administration and 15-year fixed-rate loans. The decline kept rates near historic lows and also put an end to slumping application demand, which has been falling in recent weeks. Last week, total mortgage activity, including both refinance and purchase demand, was essentially flat. The refinance index rose 1 percent from the week before, while the seasonally adjusted purchase index dropped 0.2 percent. The refinance share of total mortgage activity was also unchanged from one week earlier. The MBA’s survey has been conducted weekly since 1990. More here.

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