According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, flat for loans backed by the Federal Housing Administration, and up slightly from the week before for 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says the 30-year fixed rate is now at its lowest level in a year. “Mortgage rates declined further last week, with the 30-year fixed rate falling to its lowest level since last September …,” Fratantoni said. “Interest rates generally have moved up following the FOMC meeting last week but remain in a range that should continue to lead to increased refinance activity.” Last week, refinance activity was up 1 percent while purchase application demand was flat from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
