The Refinance. refinance applications surged over 12 percent. Rates dropped across all loan types, and the 30-year fixed-rate mortgage is now more than 70 basis points below last November’s peak..
Separately, the Mortgage Bankers Association’s (MBA. of total applications remained unchanged from 0.6 percent. “Mortgage rates declined once again, as concerns about the slowing global economy and.
"The average loan size increased once again to new highs for both purchase and refinance loans, as borrowers with – or seeking – larger loans tend to be more reactive to the drop in rates." The refinance share of mortgage activity increased to 40.4% of total applications, up from 39.2% the previous week.
· Mortgage rates follow the 10-year Treasury yield, but are consistently higher. The average mortgage rate, as surveyed by Freddie Mac (using a different methodology than the MBA) for the week ending September 20, was 4.65%. On that day, the 10-year Treasury yield closed at 3.07%.
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BUILDER Mortgage Applications Rise 1.6% The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.59% from 4.61%.
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Although mortgage applications slightly. rebound in refinances,” MBA Vice President of Economic and Industry Forecasting Joel Kan said. “The refinance index increased 8% to its highest level in.
“Mortgage rates declined once again, as concerns about the slowing global economy and status of Brexit continued to drive investors’ demand. Although lower rates sparked a 3.5% increase in.
Building on the huge momentum two weeks ago, mortgage application volume jumped further last week, up 14.2 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA).