The Mortgage Bankers released its weekly report on mortgage applications today morning, noting a decrease of 0.2 Percentage in the group’s seasonally adjusted composite index. That followed a drop of 1 Percentage for the last week. Mortgage loan rates slipped for all types of mortgage loans.
The seasonally adjusted pay for index decreased 1 Percentage from the prior week report. On an unadjusted basis, the composite index decrease by 1 Percentage week-over-week. The unadjusted purchase index decreased by 1 Percentage for the week and remains 16 Percentage lower year-over-year.
Adjustable rate mortgage loan accounts for 8 Percentage of all applications will no change from last week. The MBA refinances index increased by 0.1 Percentage after lessening by 1 Percentage in the previous week. The share of refinancing remained rose from 52 Percentage to 53 Percentage of all applications.
The normal mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.32 Percentage to 4.27 Percentage. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.29 Percentage to 4.27 Percentage. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.47 Percentage to 3.42 Percentage.
The contract interest rate for a 5-1 adjustable rate mortgage loan fell from 3.23 Percentage to 3.21 Percentage. Rates on a 30-year FHA-backed fixed rate loan fell from 4.03 Percentage to 3.99 Percentage.
This marks the 4rth consecutive week that mortgage applications have decreased, but the declines have been much lesser in the past 2 weeks. Slight declines in mortgage interest rates and slowly increasing record are encouraging buyers, while the lower interest rates are attracting refinancing.
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