30-Year FRM Slides, Mortgage Apps Slow

According to information from Freddie Mac, as originationnews says, the average for a fixed rate 30-year mortgage fell four points during the week ending Sept. 6 to 3.55%, compared to 4.12% a year ago. The Mortgage Bankers Association (MBA) tells MHProNews mortgage applications have fallen recently but lenders report the pipelines remain strong. Meanwhile, the average 15-year mortgage remained at 2.86%, the same as the week before. The five-year Treasury-indexed hybrid ARM dropped three basis points to 2.75%, while the rate for a one-year Treasury ARM fell two basis points to 2.61%.

(Image credit: moneycontrol)

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