According to recent data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, mortgage applications increased by 4.5% from the previous week. Also, the refinance share of mortgage activity grew to 83% opposed to last week’s 81%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $417,500 or less, dropped to 3.52%, consistent with history’s lowest rate on the (MBA) Weekly Mortgage Applications Survey. The average contract interest rate for 30-year fixed-rate mortgages with loan balances greater than $417,500 rose to 3.79%, while the average contract interest rates for 30 and 15 year fixed-rate mortgages decreased to the lowest rate of the survey’s history. More here
