The survey covers approximately 40% of all US retail residential mortgage originations and has been conducted weekly since 1990. According to the MBA, refinancing represented 57.7% of total applications, down from 61.3% the previous week. Adjustable rate mortgage activity rose from 7.7% the previous week to 8.8%.
The average contract interest rate for 30-year fixed rate mortgages was 7.09%, increasing from 6.9% the previous week. The average contract interest rate for 1-year adjustable rate mortgages was 6.49%, increasing from 6.4% the previous week, with points increasing from 1.32 the previous week to 1.36 for 80% percent LTV loans.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
