Mortgage Rates Fall Over Holiday Weeks

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The most recent data from the Mortgage Bankers Association’s Weekly Applications Survey actually covers two weeks and includes adjustments for the Christmas and New Year’s holiday. Typically a slow period for mortgage applications, the holidays resulted in a 9.1 percent decline in demand over the past two weeks. Refinance activity was down 12 percent and the seasonally adjusted Purchase Index fell 5 percent. Despite the drop in demand, however, the MBA’s weekly survey wasn’t all bad news. In fact, the most recent data shows mortgage rates down across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed mortgages. The drop in mortgage rates is consistent with recent trends and is welcome news for prospective home buyers. 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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