According to the Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages climbed to 4.57 percent last week from 4.54 percent the week before. The Market Composite Index, which measures total loan application demand, dropped 5.0 percent, following the previous week’s more than 15 percent surge. The MBA’s four-week moving averages for purchase and refinance activity were flat. Also, the Federal Housing Finance Agency reported that June marked the third consecutive month mortgage rates declined. According to the FHFA, rates haven’t been above 5.0 percent since April 2010. More here and here.
Theresa Springer’s Blog
Average 30 Year Mortgage Rate At 4.57 Percent
July 28, 2011
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