Housing
Mortgage Loan Rates Tick Down, but Applications Decline
Published:
Last Updated:
On an unadjusted basis, the composite index decreased by 7% week over week. The seasonally adjusted purchase index fell by 6%, compared with the week ended September 18. The unadjusted purchase index decreased by 6% for the week and is now 20% higher year over year.
The MBA’s refinance index decreased by 8% week over week, and the percentage of all new applications that were seeking refinancing fell from 58.4% to 58%.
Adjustable rate mortgage loans accounted for 6.9% of all applications, unchanged from the prior week.
Mortgage News Daily reported on Tuesday that most mortgage lenders continue to offer 30-year fixed-rate mortgages in a range of 3.875% to 4.00%, with some more aggressive lenders offering rates as low as 3.75%. At 3.875%, the most common offer from lenders, mortgage rates are “as strong as [they’ve] been since early May 2015.”
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage ticked down from 4.09% to 4.08%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 3.99% to 3.96%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.31% to 3.29%.
The contract interest rate for a 5/1 adjustable rate mortgage loan remained unchanged at 2.95%. Rates on a 30-year FHA-backed fixed-rate loan slipped from 3.88% to 3.87%.
ALSO READ: Cities With the Fastest Growing (and Shrinking) Economies
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.