According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures both refinance and purchase loan application volume, fell 2.1 percent last week. But, though the Refinance Index suffered a 3.0 percent decline from the previous week’s levels, the seasonally adjusted Purchase Index increased by the same amount, gaining 3.0 percent from the week before. Mortgage rates, on the other hand, hit new all-time lows. The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances fell to 3.79 percent from 3.86 percent. In June, the average loan size for home purchase was $240,897. Last week’s results contain an adjustment for the Fourth of July holiday.
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