According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. Rates were virtually unchanged week-over-week for 30-year fixed rate loans with conforming loan balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Jumbo loans saw a slight increase. Joel Kan, MBA’s vice president and deputy chief economist, says rates remain near their lowest level in a month. “The 30-year fixed-rate … is still close to the lowest rate in a month,” Kan said. “The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.” For now, demand for loans was up 3.2 percent overall from one week earlier, with home buyers pushing purchase loans 4 percent higher than the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
