Mortgage demand fell 1.7% for the week ending July 30th, according to the Mortgage Bankers Association’s latest weekly survey… (MBA)
- REFIS: The Refinance Index fell 2% from the previous week and was down 3% when compared to the same week one year ago.
- PURCHASES: The Purchase Index fell 2% from the previous week and saw a big 18% drop when compared to the same week one year ago.
The refinance share of mortgage activity saw a slight 1 basis point uptick to now makeup 67.6% of total mortgage applications.
Interest rates fell under 3% for the first time since February. Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said in a statement this presents “an opportunity for many homeowners who have not yet refinanced to lower their rate and their payments.”
- 30-YR FIXED: The average contract interest rate fell 4 basis points to 2.97% and was 17 basis points lower than the same time a year ago.
- 15-YR FIXED: The average contract interest rate fell 3 basis points to 2.33% and was 40 basis points lower than the same time a year ago.