Mortgage Rates Decrease, Mortgage Applications Decrease

Both mortgage rates and mortgage applications decreased in the latest Weekly Application Survey released today by the Mortgage Bankers Association. The Market Composite Index, which measures mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier.

The Refinance Index, which is a measure of applications for mortgage refinances decreased 2.6 percent from the previous week and the unadjusted Purchase Index decreased 3.8 percent compared with the previous week.

The average contract mortgage rate for fixed 30 year mortgage loans decreased to 4.46 percent from 4.57 percent, with points increasing to 1.19 from 0.91.

The average contract mortgage rate for fixed 15 year mortgage loans decreased to 3.64 percent this week, down from last week’s average mortgage rate of 3.70 percent, with points increasing to 1.11 from 1.05.

Keep current with mortgage rates in Vegas at connecternewspaper.com.

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