According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.31 percent last week from 4.33 percent the week before. The average 30-year rate for jumbo loans increased to 4.69 percent. Demand for mortgage applications was up slightly from one week earlier, rising 0.2 percent due to a 1.8 percent increase in the Purchase Index. Regionally, the Pacific saw the biggest increase in purchase demand, rising 7.5 percent from the previous week. The largest gain in refinance activity was in the East North Central region, where demand rose 8.6 percent. More here.

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Jim Crowder

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STE 100

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