Wednesday, May 11, 2016
Falling Interest Rates Fuel Uptick In Purchase Applications And Refinancing
Falling mortgage rates stirred up some mortgage activity in the May 6
week, with purchase applications for home mortgages up 0.4 percent and
refinancing up 0.5 percent from the prior week. Purchase applications
were 14 percent higher than a year ago, which is a 1 percent improvement
from the previous week, and may signal a halting of the steady erosion
of the year-on-year gain since March, when it was over 30 percent.
Mortgage rates fell from the very low levels that are vital to the
housing market even lower in the May 6 week, with the average 30-year
mortgage for conforming loans ($417,000 or less) dropping 5 basis points
to 3.82 percent.
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