Mortgage rates remain level, applications dip lower
Posted on Thursday, September 12, 2013 at 12:30:37 PM
As those interested in residential financing eye mortgage rates, little has changed over the past week, according to Freddie Mac's Primary Mortgage Market Survey.
While figures remain close to yearly highs, no increase was reported. A 30-year fixed-rate mortgage average 4.57 percent, while a 15-year FRM only averaged 3.59 percent. Neither rate differed from the previous week.
"Mortgage rates were little changed this week following a mixed employment report," explained Frank Nothaft, vice president and chief economist for Freddie Mac. "For example, the economy added 169,000 jobs in August, which was below the market consensus forecast, and revisions subtracted another 74,000 from the prior two months. Meanwhile, the unemployment rate fell to 7.3 percent which was the lowest since December 2008."
Despite the fact that residential financing rates remained stable and didn't continue the recent rise - mortgage applications declined from the previous week, according to the Mortgage Bankers Association. The Market Composite Index, highlighting the loan volume, decreased 13.5 percent for the week ending September 6.
In addition, the Refinance Index also reduced, down 71 percent from the high at the beginning of May. Even as rates were steady, interest in mortgages hasn't picked back up yet.