Array
Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with 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 balances ($766,550 or less) decreased to 6.94% from 7.02%, with points decreasing to 0.61 from 0.65 (including the origination fee) for loans with a 20% down payment. That is the lowest level since March.
« Mortgage rates dropped last week following the latest inflation data and the FOMC meeting », said Mike Fratantoni, MBA’s SVP and chief economist.
