According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.51 percent the week before. The rise in rates led to a 5.9 percent drop in the Market Composite Index, which measures total loan application volume. Still, the four-week moving average for the seasonally adjusted Market Index is up 0.4 percent, despite recent volatility. The decline in loan demand follows a 13.0 percent surge the week before. More here.
Theresa Springer’s Blog
Mortgage Rates Rise, Remain Near Historic Lows
June 22, 2011
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