According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell for the third straight week, dropping to 4.76 percent from 4.80 percent the week before. The drop in rates fueled a 6.0 percent increase in The Refinance Index, which pushed total mortgage application volume up 4.0 percent from one week earlier. The refinance share of mortgage activity increased to its highest share of the month at 62.7 percent of total applications. More here.
Theresa Springer’s Blog
Mortgage Loan Applications Increase As Rates Fall
May 4, 2011
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