Mortgage Rates Fall For 2nd Straight Week

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week. It was the second consecutive week rates declined. The drop affected all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. It also boosted demand for mortgage applications. The Market Composite Index – which measures total refinance and purchase loan demand – was up nearly 4 percent from the previous week. Refinance activity rose 5 percent and demand for loans to buy homes rose 2 percent, reaching the highest level since early July. The turnaround is welcome news and joins other recent housing and economic data suggesting an upward trend emerging this fall. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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