On an unadjusted basis, the composite index decreased by 5% week over week. The seasonally adjusted purchase index fell by 4% compared to the week ended June 19. The unadjusted purchase index dropped by 5% for the week and remains 14% higher year over year.
The MBA’s refinance index decreased by 5% week over week, and the percentage of all new applications that were seeking refinancing slipped from 49.0% to 48.9%.
Mortgage Daily News reported Tuesday that the most-often quoted conventional 30-year fixed rate for top-tier borrowers was 4.125% and that market momentum has set rates on a path lower. U.S. employment data, which will be reported on Thursday, and other economic data could reverse the trend, though, particularly if the reports come in much stronger than expected.
Adjustable rate mortgage loans accounted for 7% of all applications, unchanged from the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.19% to 4.26%, its highest level since last October. The rate for a jumbo 30-year fixed-rate mortgage increased from 4.14% to 4.21%, also a high since October. The average interest rate for a 15-year fixed-rate mortgage rose from 3.38% to 3.44%, a third eight-month high.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.04% to 3.09%. Rates on a 30-year FHA-backed fixed-rate loan rose from 3.96% to 4.04%, its highest level since last September.
ALSO READ: 9 Cities Running Out of Water
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.