Mortgage rates fall ever so slightly
30-year fixed rate inches down
Interest rates for fixed mortgages inched down week-over-week, the Mortgage Bankers Association (MBA) said in its latest weekly mortgage report.
According to the MBA’s Weekly Mortgage Applications Survey for the week ending February 22, 2013, all mortgage types analyzed saw either a slight decrease in rates or saw rates remain unchanged on a weekly basis.
Average rates for 30-year fixed mortgage – those with conforming loan balances of $417,500 or less – dropped to 3.77 percent from 3.78 percent the previous week. Jumbo (loan balances above $417,500) 30-year fixed mortgages saw the same change – falling slightly to 3.93 percent from 3.94 percent one week earlier.
FHA-backed 30-year fixed mortgages remained even at 3.54 percent week-over-week, as did shorter-term 15-year fixed-rate mortgages, which remained even at 3.03 percent.
Lastly, 5-year adjustable-rate mortgages (ARMs) decreased slightly to an average of 2.65 percent from 2.66 percent the previous week.
Mortgage activity decreases
All told, mortgage activity dropped 3.8 percent on a weekly basis, the MBA said.
New home purchasing activity fell 5 percent week-over-week, which put the MBA’s Purchase Index at its lowest mark since late December 2012.
Mortgage refinancing activity dropped 3 percent in the same time frame. The overall percentage of all mortgage activity associated with refinancing remained at 77 percent (the same as the previous week), which is the lowest level it’s been at since July 2012.