Second Mortgage Financing
Bankrate: Mortgage Rates Fall to Three-Month Low
Mortgage rates declined for the third time in the last four weeks on the heels of slower second quarter economic growth. The average 30-year fixed rate mortgage fell to 6.65 percent, the lowest since April 26. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.3 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable rate mortgages also declined. The average 5/1 adjustable rate mortgage slid to 6.36 percent, and the average one-year ARM retreated to 6.03 percent. Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week.
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MBA: Mortgage Application Volume Seeing Steady Increase
Mortgage loan applications have seen a steady increase for the second straight week, according to a survey conducted by the Mortgage Bankers Association. In the week ending July 7, the MBA reported that the volume of mortgage loan applications was 566.8, an increase of 1.0 percent on a seasonally adjusted basis from 561.0 one week earlier. Total refinancing applications, however, decreased from 34.0 percent from a 35.0 percent the previous week. ARMs application volume also shared a decrease in activity, inching downward to 28.7 percent of total applications from 29.5 percent last week. The MBA's purchase index saw a 2.6 percent increase, from 414.2 the previous week, while the refinance index decreased by 1.6 percent to 1400.5 from 1423.9 one week earlier. Conducted weekly since 1990, the MBA's weekly survey covers approximately 50 percent of all mortgage originations nationwide.