Mortgage Loan Rates Track Lower as Applications Remain Flat

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting an increase of 0.2% in the group’s seasonally adjusted composite index, following a rise of 4.8% for the previous week.

The seasonally adjusted purchase index increased by 0.3% from the last report. On an unadjusted basis, the composite index rose by 1% week-over-week. The unadjusted purchase index increased by 1% for the week and is up 18% year-over-year.

The share of refinancings remained unchanged from the previous week at 75%. Adjustable rate mortgage loans now account for just 4% of all applications.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage fell from 3.67% to 3.65%. The rate for a jumbo 30-year fixed-rate mortgage decreased, from 3.77% to 3.75%. The average interest rate for a 15-year fixed-rate mortgage remained fell from 2.91% to 2.89%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.57% to 2.62%.

Mortgage loan rates fell again this week, for the fourth consecutive week, after tracking higher in early March.