Average Mortgage interest RateMortgage rate (average)
6% of total funding, the same as in the preceding year.
It was last weekend that, for the first consecutive nine years, demand increased, driven by a decline in 10-year Treasury returns due to European policy insecurity. Once the solution had been found, these returns - which are used as a yardstick for the 30-year fixed-rate mortgage - reached a level just below the 3% level again.
"In spite of continuing uncertainties about a possible commercial conflict, treasuries have shifted away from investor sentiment and raised returns for this week," said Joel Kan, associated vice-president of the MBA' s surveys and forecasts, in a news statement. "The overall mortgage filing cycle fell as interest rate levels rallied, but federal filings rallied, mainly due to the rise in FHA filings, which reflects higher initial buyer demand."
Said seasonal purchasing index fell 2% from the preceding weeks, while said non season purchasing index rose 9% from the preceding weeks and was 0.2% lower than the same weeks ago. Variable rate lending fell from 7.1% of overall claims to 6.8%, while the proportion of credits granted under guarantee by the Federal Housing Agency rose from 9.7% in the preceding weeks to 10.6%.
Proportion of veterinary affair-guaranteed requests rose from 10.1% to 10.7%, and the U.S. Department of Agriculture/Rural Development's proportion stayed stable at 0.8% compared to the previous weeks. Average contractual interest rates on 30-year firm mortgage bonds with matching credit balance (USD 453,100 or less) rose by 8 base points to 4.83%.
The average policy rate for 30-year firm mortgage with yumbo credit balance (more than USD 453,100) rose by 4bps to 4.74%. Average policy interest rates for 30-year fixed-rate mortgage loans supported by the FHA rose by 6bps to 4.83%. The average interest rate for 15-year fixed-rate mortgage rose by 2 base points to 4.23%.
Average contractual interest rate for 5/1 AMRs rose by 3 base points to 4.11%.