Freddie Mac reported yesterday that the 30-year fixed-rate mortgage (FRM) fell to a five-week low this week, 4.91 percent, down from 4.98 percent last week. Last year at this time, it was 6.14 percent.
The 15-year FRM this week averaged 4.36 percent versus the prior weeks’ 4.40 percent and last year’s 5.81 percent.
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Meantime, the Mortgage Bankers Association says refinancings pushed up loan applications for the week ending Nov. 6 by 3.2 percent on a seasonally adjusted basis from one week earlier, but purchase volume fell by 11.7 percent to a nine-year low. On an unadjusted basis, total activity increased 2.8 percent compared with the previous week. Continue reading