National Mortgage interest Rate today

The National Mortgage Rate Today

The number of mortgage applications is declining, even if interest is falling. Mortgages fell by 2.9% for the 8th time in a row, despite interest rate declines from their recent peaks, according to the Mortgage Bankers Association. MBA' Weekly Mortgage Application Survey for the May 25th revealed that the refinancing index hit its low for 18 years, down 5% from the year before.

Refinancing accounted for 35.3% of applications, down from 35.7% a year earlier. "Interest Rates have fallen slightly over the course of the weekend as worries about US commercial policies and overall expansion have sent some investor back to more secure US Treasuries," said Joel Kan, associated VP of the MBA' s Economics and Industries Outlook, in a newsflash.

The 30-year interest rate on our mortgages fell by two base points per annum to 4.84%. Buying and refinancing activities both declined despite the interest rate cut, partly due to the slowdown in activities before the holiday." Said seasonal purchasing index fell 2% from the prior year, and said non season purchasing index fell 3% from the prior year, up 2% from the same weeks a year ago.

Variable rate credit activities fell to 6.7% from 6.8% of overall claims, while the proportion of credits granted under guarantee by the Federal Housing Administration fell to 9.9%, down from 10.3% a year earlier. Proportion of Veterans Affairs-guaranteed credit requests rose from 9.8% to 9.9% and the U.S. Department of Agriculture/Rural Development's proportion stayed stable at 0.8% compared to the previous weeks.

Mean contractual interest rates for 30-year firm mortgage loans with matching credit balance (USD 453,100 or less) declined by 2 base points to 4.84%. On 30-year firm mortgage loans with yumbo credit balance (more than USD 453,100), the median policy rate declined by 8 base points to 4.73%. Mean policy interest rates for 30-year FHA-covered mortgage loans fell by 5bps to 4.85%.

On 15-year fixed-rate mortgage loans, the interest rate fell by 7 base points to 4.24%. For 5/1 AMRs, the median contractual interest rate fell by 1bp to 4.11%.

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