Mortgage Rates Hit Another Low, But Demand Stays Soft Wall Street Journal (blog)
By Nick TimiraosMortgage rates hit their lowest level recorded in the history of the Mortgage Bankers Association’s weekly rate survey, but mortgage activity remains muted, the trade group said Wednesday.
The average 30-year fixed-rate mortgage fell to 4.17% last week, down from 4.23% one week earlier. That’s the lowest since the MBA began its survey in 1990. Rates have been near 60-year lows for the last several weeks. The MBA’s previous low of 4.21% was set in October 2010.
While mortgage applications increased 6.3% from one week earlier, applications for purchase mortgages were 7.2% lower than one year ago. Refinance applications were 24% below year-earlier levels. The survey suggests that despite low rates, many potential buyers aren’t rushing to take advantage of these low rates.
Beginning next week, the MBA will begin releasing its survey with a broader sample size, which will capture around 75% of all retail mortgage applications, up from 50% currently. The survey will also provide greater detail around the product mix and the geography of weekly mortgage applications.
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