Mortgage Rate Update - Oct 1
October 8th, 2013 10:03 AM

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported falling mortgage interest rates in their most recent surveys.

On October 3rd, Freddie Mac reported that 30-year fixed-rate mortgages declined to 4.22% from the previous week’s rate of 4.32%, the third consecutive week in which rates fell. They also noted that last year at this time the 30-year rate was at 3.36%. Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac

The MBA in its most recent Weekly Mortgage Applications Survey released October 2nd for the week ending September 27th, reported that 30-year rates with conforming loan balances ($417,500 or less) dropped to 4.49% from 4.62% during the previous week. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) fell to 4.53% from last week’s 4.66%. Rates for FHA backed mortgages declined to 4.21% from 4.32% the previous week.

In their press release of October 2nd, the MBA reported a decline 0.4% in mortgage applications with refinance applications rising to 63% of all applications from 61% the previous week.

Previously on September 30th, the MBA released their “Commercial/Multifamily Quarterly Data Book” for the second quarter of 2013 which showed an increase in applications of 7% from the second quarter last year along with a 36% increase from the first quarter of this year. It also reported a decline in delinquency rates for commercial and multifamily mortgage loans. Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association

On October 4th, HSH Market Trends reported that 30-year mortgage rates fell to 4.43% from 4.52% the previous week. Rates for FHA-backed mortgages also declined by 9 basis points from the previous week to 4.04%. Additional information from HSH can be found by going to: HSH.Com

Posted in:General
Posted by James M. Hanson on October 8th, 2013 10:03 AMPost a Comment

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