According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.23 percent from 4.32 percent the previous week. Michael Fratantoni, MBA’s vice president of research and economics, said the 30-year rate, heading into Labor Day weekend, was at its second lowest level in the history of the survey and the 15-year rate was at a new low after decreasing to 3.41 percent from 3.49 percent the week before. The previous low for 30-year fixed-rate mortgages was October 2010. Despite the drop in rates, however, the Market Composite Index, which measures total loan application volume was down 4.9 percent. Purchase demand was relatively unchanged from the week before. More here and here.


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