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Residential financing rates, applications slide in recent reports

Posted on Thursday, September 25, 2014 at 10:05:39 AM

While not as low as they have been at points this year, residential financing rates have ticked down once more on a weekly basis, according to a recent report from government-sponsored enterprise Freddie Mac.

For the week ending Sept. 25, the 30-year fixed-rate mortgage averaged only 4.20 percent, compared to the previous seven-day period's 4.23 percent, Freddie Mac noted. This time last year, the rate was at 4.32 percent. On a similar note, the 15-year FRM slipped as well, now at 3.36 percent instead of last week's 3.37 percent - coincidentally, the same rate that was reported during the week of Sept. 25, 2013.

"Mortgage rates were slightly changed with the rate on the 30-year fixed mortgage down three basis points," explained Frank Nothaft, vice president and chief economist at Freddie Mac. "Meanwhile, existing home sales dropped 1.8 percent in August to a seasonally-adjusted annual rate of 5.05 million. Sales of new single-family homes surged 18.0 percent in August to an annual pace of 504,000 units."

In addition, the Mortgage Bankers Association reported that residential financing applications have also decreased this September, falling 4.1 percent on a weekly basis. The organization's Weekly Mortgage Applications Survey found that the refinance share of mortgage activity dropped 1 percent to 56 percent, while adjustable-rate mortgages accounted for 8 percent of total activity.