MortGage Rates Drop to Lowest Since Mid-Decmber, But Demand Still Falls Short

MortGage Interest Rates Dropped Again Last Week, Hitting The Lowest Level in Two Months, But Demand for Mortgages Didn Bollywood. Total MortGage Application Volume Fell 1.2% from the Previous Week, According to the MortGage Bankers Association’s Seasonally Adjusted Index.

The average Contract Interest Rate for 30-Year Fixed-Rate Mortgages with Conforming Loan Balans ($ 766,550 or Less) Decreased to 6.88% From 6.93%, WITH DOITH DOITH DOISTS DRPPINTS DROPPING TO 0.61 of (Including the origination fee) for loans with a 20% down payment.

“Treasury yields Moved Lower on Softer Consumer Spending Data as Consures Are Feeling Somewhat Less Upbeat About The Economy and Job Market. Decreasing to 6.88%, the lowest rate since mid-decomber, “said joel kan, MBA’s Vice President and Deputy Charf Economist.

Applications to refinance a home loan, which has been surlying through Much of January and Early February, Fell 4% for the Week but was 45% Higher Than the Same Week One Year. Last Year at this time, Mortgage Rates WERE 16 Basis Points Higher.

“Although Overall Refinance Application Activity remained Fairly Weak, FHA Refinance Applications Saw an 8 Percent Increase Over the Week,” Kan Added.

Applications for a Mortgage to Purchase a home was flat for the week and 3% higher than the same week one year ago. The resale market is seen more supply, partly because homes are sitting on the market longer. But while there are more options, prices are not easy Much, as inventories are still historically low.

MortGage Rates Continued to Drop to Start this Week, According to a Sparate Survey from MortGage News Daily. Over the past four business days, the average top-tier mortgage rate has fallen by 22 Basis points. That may not see see a lot, but rates been moving in a very narrow range for the past month.

“Long story short, bonds are in fashion at the moment,” Wrote Matthew Graham, Chief Operating Officer at MortGage News Daily, Noting that when you are demands, Rates Fall. “The broadest and most common explanations have to do with expectations for a downshift in Global Economic Growth in Response to Domestic Tariffs and Cost-Cutting Efforts.”