by Bill McBride on 9/19/2012 07:03:00 AM
Wednesday, September 19, 2012
From the MBA: Mortgage Rates Drop to New Survey Lows
The Refinance Index increased 1 percent from the previous week. The HARP 2.0 share of refinance applications was 22 percent this past week. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier.Click on graph for larger image.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.72 percent, the lowest rate in the history of the survey, from 3.75 percent, with points increasing to 0.45 from 0.44 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
This graph shows the MBA mortgage purchase index.
The purchase index has been mostly moving sideways over the last two years.
It looks like refinance activity is picking up again as mortgage rates decline.
Posted by Bill McBride on 9/19/2012 07:03:00 AM