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Most recent market newsWednesday, April 26
Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey
Mortgage applications increased 2.7 percent from one week earlier The Refinance Index increased 7 percent from the previous week The seasonally adjusted Purchase Index decreased 1 percent from one week earlier The refinance share of mortgage activity increased to 44.0 percent of total applications from 42.4 percent the previous week The FHA share of total applications decreased to 10.0 percent from 11.0 percent the week prior The VA share of total applications decreased to 10.9 percent from 11.1 percent the week prior The USDA share of total applications decreased to 0.8 percent from 1.0 percent the week prior The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) decreased to its lowest level since November 2016, 4.20 percent, from 4.22 percent The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) remained unchanged from 4.15 percent The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.03 percent from 4.09 percent The average contract interest rate for 15-year fixed-rate mortgages decreased to its lowest level since November 2016, 3.46 percent, from 3.50 percent The average contract interest rate for 5/1 ARMs decreased to its lowest level since November 2016, 3.22 percent, from 3.27 percentTuesday, April 25
The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.79 percent, up seven basis points from this time last week. The 30-year fixed mortgage rate rose steadily throughout the week before settling at the current rate.
“Mortgage rates climbed over the week for the first time since early March, rising about 10 basis points after touching their lowest levels since November last week,” said Erin Lantz, vice president of mortgages at Zillow. “The rebound in rates was driven by a collective financial market sigh of relief as a political moderate won the most votes in the first round of France’s presidential election, the prospect of growth-boosting tax reform in the US. This week rates should be more stable leading up to Friday’s Q1 GDP report.”
Home equity rates: Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Credit Union Rates by State | Credio Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this weekMonday, April 24
Black Knight Home Price Index Report
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