On July 24th, Freddie Mac reported that 30-year fixed-rate mortgages remained at 4.13%, unchanged from the previous week. They also noted that last year at this time the 30-year rate was at 4.31%.
The Mortgage Bankers Association (MBA) reported on July 23rd (for the week ending July 18th) that 30-year rates with conforming loan balances ($417,500 or less) were unchanged from the previous week at 4.33%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) fell from 4.23% to 4.21%. Rates for FHA backed mortgages also moved downward, from 4.04% to 4.03%.
Mortgage applications increased by 2.4% from the previous week with the share of refinance applications as a percentage of all applications increasing to 54.4% from 53.6% the previous week
Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.com
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