Mortgage Bankers Association reports falling mortgage rates
The Mortgage Bankers Association released its latest Mortgage Applications Survey for the week ending October 22. The report found an overall increase across all sectors in applications rates for mortgage loans.
Loan application rates increased 3.2 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, this figure was 3.1 percent higher. The Refinance Index, which covers all applications for existing mortgages, rose 3 percent from the week of October 15. These applications decreased to 82.3 percent of the total applications, down from 82.4 percent.
The Purchase Index, which tracks mortgages on recently acquired homes, increased almost 4 percent over the same span.
Interest rates decreased across all types of home mortgages. Fixed 30-year mortgages fell from 4.34 to 4.25 percent and 15-year rates dropped from 3.74 to 3.67 percent.
The growth in mortgage refinancing represents a bright spot for economists, who expected the numbers to drop off sharply, given the recent foreclosure news. Despite the increase, these rates still hover around historically low levels, Business Insider reports.
- E-Wisdom
