US mortgage rates dip as applications rise
Date
11/30/2024 8:07:44 AM
(MENAFN) The average contract interest rate for a 30-year fixed-rate mortgage in the United States experienced its first decline in more than two months last week, according to a report released by the Mortgage Bankers Association (MBA) on Wednesday.
The rate dropped slightly from 6.90 percent to 6.86 percent compared to the previous week, while mortgage applications saw a notable increase of 6.3 percent during the same period.
The MBA Purchase Index, which tracks all mortgage applications for purchasing single-family homes, surged by 12 percent. In contrast, the Refinance Index, which monitors applications to refinance existing mortgages, fell by 3 percent.
At the same time, the average contract interest rate for 15-year fixed-rate mortgages also dipped slightly, decreasing from 6.32 percent the prior week to 6.29 percent last week.
Joel Kan, Vice President of the MBA, commented in a statement that homebuyers are maintaining their activity in the market despite recent rises in mortgage interest rates. This resilience, he noted, is supported by the growing availability of housing inventory, indicating the continued strength of the economy.
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