Mortgage Rates Hit 6-Week Low, Spurring New Loans and Purchases
There was nothing but good news in the Weekly Mortgage Applications Survey this morning. Average rates for a 30-year mortgage fell 23 basis points to a 6-week low at 5.15%, helping demand for purchases, refinancing, and new mortgages to all advance.
Demand for refinance-related loans climbed 6.9% in the week ending August 14, nearly erasing the 7.2% decline it had seen in the previous week. The fresh activity helped the Market Composite Index ? which tracks the volume of mortgage applications ? to advance 5.6% in the week, an encouraging contrast when compared to the 4-week average of -0.1%….(read more)
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