Mortgage Rates Remain Stable and Low

mortgage-rates

In its report issued on July 23 2014, the Mortgage Bankers Association (MBA) indicated no change in the average interest rate on 30-year fixed mortgage loans and slight movements in the rates on 15-year fixed mortgages and 30-year fixed jumbo home loans. The average mortgage rate on a 30-year fixed loan remained 4.33%. The average rate on a 15-year fixed home loan rose from 3.41% to 3.47% on a weekly basis. The rate on a 30-year fixed jumbo loan dropped down from 4.23% to 4.21% during the week.

The average contract interest rate on 5/1 adjustable rate mortgages increased from 3.17 % to 3.21%. The average rate on a 30-year fixed FHA home loan marked a minimal decrease. It went down from 4.04% to 4.03% during the week.

The MBA mortgage application index rose by 3% over the week on an unadjusted basis. This was preceded by a slight decrease during the previous week. The unadjusted purchase index marked an increase of 1% showing a small growth in the number of applications for home purchase mortgages. Still, it remains 15% below its level from the same time of 2013 confirming the lower level of sales in the housing market at present.

The number of applications for adjustable rate mortgages retained its share of 8% in the total number of applications. The share of refinance applications increased with 0.8%. It rose from 53.6% during the previous week to 54.4%. Currently, the share of refinance application is the highest since March 2014.

Refinance at
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