According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.38 percent from 4.44 percent the week before. That is the lowest rates have been since the weekly survey began in 1990. And though the Market Composite Index, which measures total loan volume, was down 0.8 percent, the Purchase Index rose 2.4 percent from a week earlier driven by a 4.5 percent increase in government purchase applications. More here and here.
Theresa Springer’s Blog
Purchase Demand Up As Rates Hit New Low
September 29, 2010
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