Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends
all reported falling mortgage interest rates last week.
In their survey on February 4th, Freddie Mac reported that 30-year
fixed-rate mortgages fell from 3.79% to 3.72%. They also noted that last
year at this time the 30-year rate was 3.59%.
The MBA reported on February 3rd (for the week ending February 2nd) that 30-year
rates with conforming loan balances ($417,000 or less) moved downward, from
4.02% to 3.97%. The average contract interest rate for 30-year
fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased
from 3.89% to 3.84% while rates for FHA backed mortgages also fell, from 3.83%
Mortgage applications declined by 2.6% from the previous period.
Refinance applications as a percentage of all applications rose from 59.0% to
59.2%. The FHA share of applications increased from 12.7% to 12.9% and the VA
share was unchanged from the previous week at 11.1%.
On February 5th, HSH.com Market Trends reported that 30-year mortgage rates
dropped from 3.87% to 3.79% while rates for FHA-backed mortgages fell by the
same amount, to 3.62% from 3.70%.
Additional information from Freddie Mac can be found by going to: Primary
Mortgage Market Survey PMMS - Freddie Mac
Additional information from the Mortgage Bankers Association can be found by
going to their site at: Research
and Forecasts - Mortgage Bankers Association
Additional information from HSH can be found by going to: HSH.Com
Thank you, we'll be in touch!