Mortgage rates below 3% are not enough for home buyers

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Mortgage Applications were down 1.7 percent from last week, according to the Mortgage Bankers Association’s (MBA) Mortgage Applications Weekly Survey.

The weekly report said that while the share of refinancing mortgage activity rose marginally to 67.6 percent of total applications from 67.5 percent in the previous week, the share of adjustable rate mortgage (ARM) activity fell to 3.4 percent. percentage of the total number of applications.

TODAY AVERAGE MORTGAGE REFINANCING RATE REDUCES TO A RECORD LOW | AUGUST 3, 2021.

“Worldwide interest rates fell last week as markets gauged the latest delta concerns. In our survey, 30-year mortgage rates fell below 3 percent for the first time since February this year, providing an opportunity for many homeowners who have not yet done so. refinanced to lower their rate and payments. Refinancing applications are down slightly after an 11 percent jump last week, ”said Mike Fratantoni, MBA senior vice president and chief economist. Purchase order volumes have declined again, reflecting a persistent stock shortage that continues to drive home prices skyrocketing across the country.

A “Pending Sale” sign stands next to a property in Madison County, Mississippi on Tuesday, March 16, 2021. Mortgage applications were down 1.7 percent from last week, according to the Mortgage Bankers Association’s (MBA) Mortgage Applications Weekly Survey.

The average interest rate on 30-year fixed rate mortgages and related loans fell to 2.97 percent from 3.01 percent, while the interest rate fell to 0.33 from 0.34, according to the MBA.

The average interest rate on a 30-year large fixed-rate mortgage rose to 3.12 percent from 3.11 percent, up a point to 0.30 from 0.27.

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The average 30-year fixed rate mortgage backed by the FHA rose to 3.08 percent from 3.03 percent, down a point to 0.29 from 0.35.

The survey covers over 75% of all home mortgage applications in the United States and has been conducted weekly since 1990.

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