According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates were mostly flat last week from one week earlier. Rates for 30-year fixed-rate loans with conforming loan balances and loans backed by the Federal Housing Administration were both unchanged week-over-week, while jumbo loans and 5/1 ARMs saw slight increases. Joel Kan, MBA’s vice president and deputy chief economist, says rates have fallen over the past few weeks. “Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week,” Kan said. “The 30-year fixed mortgage rate remained … about 30 basis points lower than three weeks ago.” As a result, demand for loan applications rose to the highest weekly pace in five weeks, though it remains at a low level overall. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
