Mortgage Apps Fall, Interest Rate Rises

nationalmortgagenews reports the Mortgage Bankers Association (MBA) says mortgage applications fell 7.4 percent for the week ending Aug. 17, and the refinance share dropped from 81% to 80% to its lowest level in six weeks, while average interest rates for a fixed-rate 30-year mortgage (FRM) nudged up ten basis points from the previous week to 3.86 percent. Home Affordable Refinance Applications (HARP) made up 24 percent of all refi apps. MHProNews has learned the average 15-year FRM rose three basis points to 3.15 percent.

(Image credit: foreclosurelistings)

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