According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates saw a slight decline last week from the week before. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration, while rates for 15-year fixed-rate loans were flat, and 5/1 ARMs saw a week-over-week increase. Mike Fratantoni, MBA’s senior vice president and chief economist, says demand for mortgage applications improved. “Mortgage application volume was little changed last week, but there was a small increase in conventional purchase volume, which brought the level of total purchase volume up almost 2 percent above last year at this time,” Fratantoni said. Week over week, refinance activity slowed 3 percent and total mortgage loan application volume was up 0.1 percent. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
