The interest rate on a 30-year fixed-rate mortgage fell from a prior week average of 4.51% to 4.37%, still well above the rate of 3.53% in the same week a year ago.
One year ago, the 15-year fixed-rate mortgage rate stood at 2.83%. That rate also fell this week, from 3.53% last week to 3.41%.
The interest rate on a five-year Treasury adjustable-rate mortgage loan fell from 3.26% a week ago to 3.17%, and is up from 2.69% in the same week a year ago. The one-year Treasury-indexed adjustable-rate mortgage loan interest rate remained unchanged for the second week in a row at 2.66%, slightly lower than last year’s rate of 2.69% in the same week.
According to yesterday’s data from the Mortgage Bankers Association, new loan applications slipped 2.6% last week, as refinancings fell to 63% of all applications. As housing inventory rises, the still-low interest rates should encourage more buyers. Refinancings, however, are likely to remain depressed.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
