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Mortgage Rates Hit New Lows In Weekly Survey

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell to new lows last week, with rates for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans down from the week before. Rates for loans with jumbo balances were flat from the previous week. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says low rates spurred a bump in refinance applications. “Refinance activity increased last week in response to mortgage rates for 30-year, 15-year, and FHA and VA refinances, while conventional activity fell slightly,” Kan said. “The purchase market is also poised to finish 2020 on a strong note. Applications fell slightly last week but were around 3 percent higher than the two weeks leading up to Thanksgiving.” Overall, demand for mortgage loan applications was down 1.2 percent from the week before, with an adjustment for the holiday. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)