Survey Says Average Rates Remain Low

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were down last week for both 30-year fixed-rate mortgages with conforming loan balances and 15-year fixed-rate loans. Loans backed by the Federal Housing Administration and jumbo loans both saw increases. Mike Fratantoni, MBA’s senior vice president and chief economist, says coronavirus concerns pushed rates lower. “Interest rates drifted lower globally last week, as markets assessed the latest concerns regarding the delta variant,” Fratantoni said. But despite favorable mortgage rates, application demand was down week-over-week. In fact, both the refinance and purchase index saw 2 percent declines from the week before. Fratantoni says the drop in purchase-application demand is likely being driven by a lack of available homes for sale. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

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