Mortgage applications dropped across the board last week, according to new data released Tuesday morning by the Mortgage Bankers Association. Total applications fell 6.3% on a seasonally-adjusted basis according to the MBA's index of mortgage activity, marking the second straight week of languishing mortgage demand from consumers.
Thirty-year fixed-rate mortgages (FRMs) averaged a 5.29% interest rate with an average 0.7 point for the week ending August 13, up from 5.22% last week but still well below 6.52% a year ago, according to the weekly survey by mortgage giant Freddie Mac [stock FRE][/stock].
The 15-year FRM also rose this week to an average 4.68% with an average 0.7 point, up from last week when it averaged 4.63% and far below 6.07% last year.
Long-term mortgage rates fell for the eighth consecutive week, setting another record low, Freddie Mac [stock FRE][/stock] reported early Wednesday. 30-year, fixed-rate mortgages averaged 5.14 percent with an average 0.8 point for the week ending Dec. 24, 2008, the GSE reported, down from last week when it averaged 5.19 percent. (Those are stunningly low rates, folks.)
Last year at this time, the 30-year FRM averaged 6.17 percent; rates have not been lower since Freddie Mac started its Primary Mortgage Market Survey in 1971, the GSE said in a press statement.
While Freddie Mac [stock FRE][/stock] reported Thursday that mortgage rates had fallen by 15 basis points to an average of 5.78 percent for a conforming 30-year fixed-rate mortgage during the week ended Sept. 18, rates have been anything but stable this week, according to HW's market sources. The Freddie Mac-reported rate is the lowest since February, but it may not remain there for long if financial markets continue to convulse.
While investors are still grappling with the fallout from a Treasury-led bailout of both Freddie Mac [stock FRE][/stock] and Fannie Mae [stock FNM][/stock], borrowers are clearly benefiting as mortgage rates have fallen dramatically since Sunday's takeover of the twin mortgage giants. Freddie Mac's weekly rate survey found that rates on a 30-year fixed-rate mortgage averaged 5.93 percent with an average 0.7 point for the week ending Sept. 11, down an astounding 42 basis points from last week and below the 6.31 average recorded last year.
Mortgage rates held steady this week as economic signals remain decidedly mixed, according to data released Thursday morning by Freddie Mac [stock FRE][/stock]. The GSE said that its weekly rate survey found that a 30-year fixed-rate mortgage averaged 6.52 percent with an average 0.7 point for the week ending Aug. 14, unchanged from last week when it averaged 6.52 percent.
Last year at this time, the 30-year FRM averaged 6.62 percent.
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