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MBA: Mortgage Applications Rise as Loan Rates Fall

MBA: Mortgage Applications Rise as Loan Rates Fall
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Wednesday, 11 September 2019 12:08 PM

U.S. mortgage applications to buy a home and to refinance one rose in early September as most home borrowing costs fell with some 30-year rates hitting their lowest levels since late 2016, the Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally adjusted measure on mortgage activity gained 2.0% to 569.8 in the week ended Sept. 6, led by a pickup in loan requests for home purchases.

The average interest rate for 30-year fixed-rate mortgages, with conforming loan balances of $484,350 or less, fell to 3.82%, which was the lowest since November 2016. It stood at 3.87% in the prior week. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.28 percent from 3.29 percent. 

"Mortgages rates continued to decline over the holiday-shortened week, with the 30-year fixed rate decreasing five basis points and remaining near three-year lows," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting.

"Refinances were essentially unchanged, up just 0.4 percent, but August overall was the strongest month of activity so far in 2019. Purchase applications rose around 5 percent, with increases for both conventional and government applications."

Added Kan, "Purchase activity was 9 percent higher than last year, continuing the trend of solid year-over-year gains."

© 2019 Thomson/Reuters. All rights reserved.

   
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U.S. mortgage applications to buy a home and to refinance one rose in early September as most home borrowing costs fell with some 30-year rates hitting their lowest levels since late 2016, the Mortgage Bankers Association said on Wednesday.
mortgage, applications, home, loan, rates
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2019-08-11
Wednesday, 11 September 2019 12:08 PM
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