According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.57 percent last week from 4.60 percent the week before. It was the lowest 30-year rate in the 20 years MBA has been keeping record. Still, the record rates did little to spur demand. The Market Composite Index, which measures total loan application volume, was relatively flat, moving up just 0.6 percent. More here and here.
Theresa Springer’s Blog
Interest Rates Set New Record Low
August 11, 2010
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