Mortgage Rates Set Yet Another Record Low

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It almost doesn’t sound like news anymore: Mortgage rates fell to another record low last week, and that reinvigorated refinance demand. Homebuyers, however, took a step back.

Total mortgage application volume rose 5.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Mortgage demand got a lift from another big drop in mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 decreased to 3.19% from 3.26%. Points, including the origination fee, decreased to 0.33 from 0.35 for loans with a 20% down payment. That rate is 63 basis points lower than the recent high in late March.

 

Applications to refinance a home loan, which are most sensitive to weekly rate moves, jumped 12% for the week and were 107% higher than a year ago. The refinance share of mortgage activity increased to 64.2% of total applications from 60.1% the previous week. Record low rates caused Fannie Mae to improve its housing outlook for the second half of this year. Read more at CNBC.

{Matzav.com}

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