According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.58 percent last week from 4.69 percent the week before. The decline puts mortgage rates at their lowest level since November 2010. The four week moving average for the seasonally adjusted Market Index, which measures total loan application volume, is up 3.0 percent, with both the Purchase and Refinance Index also up over the same period. Despite the drop in rates, however, loan demand was down 4.0 percent from the previous week. More here.
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