The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 2% in the group’s seasonally adjusted composite index, following a rise of 0.4% for the previous week. Mortgage loan rates fell again last week on all four loan types.
The seasonally adjusted purchase index decreased by 5% from the prior week’s report. On an unadjusted basis, the composite index increased by 0.3% week-over-week. The unadjusted purchase index increased by 1% for the week and is 13% lower year-over-year.
Adjustable rate mortgage loans account for 8% of all applications, up a point since last week.
The MBA’s refinance index decreased by 0.2%, after rising by 3% in the previous week. The share of refinancings remained unchanged at 62% of all applications.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.47% to 4.45%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.42% to 4.40%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.53% to 3.49%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.15% to 3.11%.
“The Next NVIDIA” Could Change Your Life
NVIDIA has returned 250-fold in the past 10 years as artificial intelligence took off.
But if you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
The report outlines key breakthroughs in AI and the stocks ready to dominate the next wave of growth. The report is absolutely free. Simply enter your email below
By providing your email address, you agree to receive communications from us regarding website updates and other offerings that may be of interest to you.
You have the option to opt-out of these emails at any moment. For more information, please review our Disclaimer and Terms of Use.