According to the Mortgage Bankers Association’s most recent Weekly Applications Survey, average mortgage rates fell for the fourth time in five weeks last week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says there are a few factors behind the decline. “Mortgage rates fell for the fourth time in five weeks, as concerns of weaker economic growth and the recent stock market sell-off drove Treasury yields lower,” Kan said. Lower rates didn’t boost buyer demand, though. In fact, demand for loans to buy homes fell 1 percent from the week before and is now 14 percent lower than last year at the same time. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
