According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.80 percent last week from 4.83 percent the week before. Despite the drop in rates, the Market Composite Index, which measures total mortgage loan application volume, decreased 5.6 percent. Michael Fratantoni, MBA’s vice president of research and economics, said applications fell last week due to a decrease in government purchase applications as new, higher FHA premiums went into effect. More here and here.


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