Interest rates have edged down, with some hitting lows not seen since June.
MBA figures have shown the average interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.39% -- the lowest rate since June -- from 4.46% last week. The average rate for 30-year FRMs with jumbo balances also fell to its lowest rate since June, 4.43%. last week, the average rate for a jumbo 30-year FRM was 4.51%.
Average rates for FHA-backed loans also fell slightly, from 4.16% last week to 4.15% this week.
Rates for 5/1 adjustable-rate mortgages were unchanged this week at 3.25%.
In spite of the drop in rates, mortgage applications crept down slightly. The MBA’s Market Composite Index, which measures loan application volume, fell 0.6% on a seasonally adjusted basis from last week. On an unadjusted basis, the index fell 1%.
The Refinance Index also fell, dropping 1% from the previous week. Refinancing’s share of total mortgage activity was down from 66% last week to 65% this week.