· The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.75 percent from 4.74 percent, with points decreasing to 0.44 from 0.45 (including the origination fee) for loans with a 20 percent down payment.
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· Mortgage agency Freddie Mac says average 30-year mortgage rates hit 3.82% in June, the lowest level in nearly two years. This is one of the best.
The adjustable-rate mortgage share of activity rose to 7.4% of total applications. The Federal Housing Administration ‘s share of mortgage apps increased from last week’s 10.2% to 10.3%.
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· After rising sharply for weeks, mortgage interest rates briefly steadied last week, and homebuyers responded. Total mortgage application volume increased 2.7 percent from the previous week, the Mortgage Bankers Association said Wednesday in its seasonally adjusted report. Compared with a year ago, however, volume was 2.4 percent lower.
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Greg McBride, chief financial analyst at Bankrate.com, is one who expects rates to hold steady. “Hard to see bond yields and mortgage rates rising amid a government. rates in eight months drove.
The latest mortgage application data represents a drop in volume of 15% compared to the same time a year ago. The largest fall in activity came from refinances with refinance volume falling 3%.
There has been plenty written as to the negative affects that rising. Mortgage rates reached their highest point in two years last week. At these rates, many fewer homeowners have an incentive to.
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"Mortgage application volume was little changed as mortgage rates remain within the narrow range they have been in the past several months," said Mike Fratantoni, MBA’s chief economist.
Meanwhile, rising rates caused mortgage applications to pull back. According to the latest data from the Mortgage Bankers Association, the market composite index – a measure of total loan application.
The Mortgage Bankers Association reported loan application volume decreased 4.9 percent from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming.
· Weekly mortgage application fell a whopping 7.1% as the cost of borrowing money surged. Interest rates are climbing higher making debts more expensive, so naturally, fewer people can now afford to buy homes. Rising interest rates appear to be the main culprit behind the tanking of new mortgage applications.