According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages increased to 4.23 percent last week from 4.22 percent the week before. The 30-year rate on jumbo loans fell to 4.56 percent. The four-week moving average for the seasonally adjusted Market Index, which measures total loan application volume, is up 1.02 percent, despite a 10.0 percent drop last week. In October, 50.6 percent of refinance applications were for 30-year loans and 28.8 percent were 15-year fixed loans. Among purchase applications, 85.5 percent were for 30-year loans. More here.
Theresa Springer’s Blog
Mortgage Rates Rise To 4.23 Percent
November 16, 2011
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