"Mortgage rates declined further last week, with the 30-year fixed rate falling to its lowest level since last September to 6.34%, said Mike Fratantoni, MBA's senior vice president and chief economist. Interest rates generally have moved up following the FOMC meeting last week, but remain in a range that should continue to lead to increased refinance activity. Refinance volume increased further last week and is now 80% higher than four weeks ago, accounting for more than 60% of all application activity."
"By product type, the adjustable-rate mortgage (ARM) share of activity decreased to 8.9% of total applications. The Federal Housing Administration (FHA) share of total applications decreased from 16.3% to 15.7% during the week, and the U.S. Department of Agriculture (USDA) share of applications decreased from 0.5% to 0.4%. The U.S. Department of Veterans Affairs (VA) share bucked the trend and increased to 17.5%, up from 15.8% the week prior."
30-year fixed mortgage rates dropped to 6.34%, the lowest since last September, while overall interest rates remained in a range supportive of refinancing. Refinance volume rose substantially, now about 80% higher than four weeks earlier and representing over 60% of application activity, with VA refinances up nearly 15%. Purchase application activity remains strong for the season, about 18% ahead of last year, with the seasonally adjusted purchase index up 0.3% week over week. ARM share fell to 8.9%, FHA and USDA shares decreased, while VA share rose to 17.5%. Conforming and jumbo rates edged lower; 15-year and 5/1 ARM rates moved in opposite directions.
Read at www.housingwire.com
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