Mortgage Rates Largely Unchanged Last Week

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According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances remained unchanged last week from the week before. Rates were also flat on loans backed by the Federal Housing Administration and 15-year fixed-rate mortgages. Mortgage rates increased slightly on jumbo loans. With rates largely unchanged from the week before, demand for loans to buy homes rose 0.2 percent on a seasonally adjusted basis. On an unadjusted basis, purchase demand was up 1 percent. Refinance demand, on the other hand, fell 4 percent, after rising 4 percent the previous week. Because of the drop, total mortgage demand was down 2.2 percent for the week. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.