Mortgage Apps Rise, Interest Rates Fall

HousingWire reports mortgage applications increased 16.9 percent for the week ending July 13 over the previous week, and the Mortgage Bankers Association (MBA) says 80.1 percent of that figure was refinance applications, up from 77 percent the previous week. MBA’s Mike Fratantoni says, “Applications for HARP refinance loans accounted for 24% of refinance activity last week, in line with the HARP share for the past few weeks.” The average interest rate for a 30-year fixed rate mortgage (FRM) backed by the Federal Housing Administration (FHA) fell from 3.63% to 3.55%. The 15-year, FRM dropped from 3.15% to 3.12%.

(Image credit: texaslendingtoday)

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