Mortgage rates were pretty much unchanged last week as compared to one week earlier according to The Weekly Applications Survey conducted by Mortgage Bankers Association (MBA). The average 30-year-fixed-rate mortgage interest rate last week inched down a bit while jumbo loans remained the same. FHA loans were up slightly and 15-year fixed rate loans dropped.
For the most part, rates for mortgages for loans to purchase Fort Lauderdale homes for sale and condos for sale in Fort Lauderdale were mostly constant for the last three weeks. However, since rates have leveled off at a much higher level, demand for refinancing has slowed down. Furthermore, the Refinance Index dropped 6 percent from the prior week.
MBA’s chief economist, Michael Fratantoni said on CNBC, activity for refinancing was down, even taking into account the holiday week. Mr. Fratantoni said, “Volume always drops significantly during Thanksgiving week. However, even after adjusting for the holiday, with rates little changed last week, refinance volume slipped to its lowest level since late July.” He added, “On the other hand, demand for home purchase loans was up 8 percent.”
MBA has conducted this survey since 1990 and studies seventy-five percent of mortgage applications for residential purchases.
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