According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved lower last week across all loan categories. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Since the beginning of the year, mortgage rates have been up and down but have remained within a narrow range. They are still lower than historically normal, though they are up from where they were at the same time last year. Also in the report, mortgage application demand moved up after last week’s decline. The refinance index – which is typically more sensitive to rate fluctuations – increased 2 percent from the week before. The seasonally adjusted purchase index also saw a 2 percent bump and is now 4 percent higher than it was one year ago. As the spring season approaches, demand for loans to buy homes should begin to rise, as prospective buyers who hope to beat the spring rush start shopping for a house to buy. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
Mortgage Rates Dip Within Narrow Range
