Mortgage rates stay under four percent
The average rate for a 30 year fixed rate mortgage went unchanged at 3.92 percent since last week, while the purchase application volume increased 2.9 percent and the refinance application declined 0.7 percent over the same period.
This chart shows the average interest rates of 15- and 30-year fixed rate mortgages over the past five years. A sign that the housing market's recovery will be a long haul, mortgage rates continue to trend lower and lower.
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The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as the volume of both purchase and refinance applications.
The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.
The latest data is showing that the average rate for a 30 year fixed rate mortgage (from FHA and conforming GSE data) went unchanged at 3.92% since last week while the purchase application volume increased 2.9% and the refinance application declined 0.7% over the same period.
The following chart shows the average interest rate for 30 year and 15 year fixed rate mortgages since 2006 as well as the purchase, refinance and composite loan volumes (click for larger dynamic full-screen version).