Housing
Mortgage Loan Rates Steady Last Week, but Refinancings Continue Slide
Published:
Last Updated:
The seasonally adjusted purchase index decreased by 3% from the previous report. On an unadjusted basis, the composite index fell by 4% week-over-week. The unadjusted purchase index decreased by 3% for the week, and is up about 5% year-over-year.
The MBA’s refinance index fell by 1% after sliding 1% in the previous week.
The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, down by 1% from the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.58%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.66% to 4.64%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.63% to 3.67%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.30% to 3.39%.
The MBA’s head of research said:
Mortgage rates were little changed last week, but remain roughly one percentage point higher than they were three months ago. Refinance application volume continues to decline, with the refinance index now more than 55 percent lower than its recent peak, reaching the lowest level in over two years.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
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.