Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported falling mortgage interest rates last week.
In their survey on February 4th, Freddie Mac reported that 30-year fixed-rate mortgages fell from 3.79% to 3.72%. They also noted that last year at this time the 30-year rate was 3.59%.
The MBA reported on February 3rd (for the week ending February 2nd) that 30-year rates with conforming loan balances ($417,000 or less) moved downward, from 4.02% to 3.97%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased from 3.89% to 3.84% while rates for FHA backed mortgages also fell, from 3.83% to 3.80%.
Mortgage applications declined by 2.6% from the previous period. Refinance applications as a percentage of all applications rose from 59.0% to 59.2%. The FHA share of applications increased from 12.7% to 12.9% and the VA share was unchanged from the previous week at 11.1%.
On February 5th, HSH.com Market Trends reported that 30-year mortgage rates dropped from 3.87% to 3.79% while rates for FHA-backed mortgages fell by the same amount, to 3.62% from 3.70%.
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