Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported sharply declining mortgage interest rates in their most recent surveys.
In their survey on October 16th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 3.97% from 4.12% the previous week. They also noted that last year at this time the 30-year rate was 4.28%.
The Mortgage Bankers Association (MBA) reported on October 15th (for the week ending October 10th) that 30-year rates with conforming loan balances ($417,500 or less) dropped to 4.20% from 4.30%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) moved downward to 4.14% from 4.21% while rates for FHA backed mortgages also fell, from 4.00% to 3.90%.
Mortgage applications increased by 5.6% from the previous week with the share of refinance applications as a percentage of all applications increasing to 59% from 56%.
On October 17th, HSH Market Trends reported that 30-year mortgage rates plunged to 4.04% from 4.15% the previous week. This is the lowest rate since May of 2013. Rates for FHA-backed mortgages also declined, from 3.85% to 3.73%.
Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac
Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association
Additional information from HSH can be found by going to: HSH.Com
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