According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively unchanged week-over-week last week, with only minor ups-and-downs seen for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says demand was also flat. “Mortgage application volume was little changed during the week of the nation’s 250th Independence Day celebration …” Fratantoni said. “After adjusting for the Independence Day holiday, government purchase volume increased modestly, led by a 5-percent gain in VA purchase applications, while conventional purchase activity declined. Refinance application volume was down 4 percent, as homeowners saw little enticement to act with rates still elevated.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
