Mortgage Rates Fall While Applications Grow

Mortgage applications have increased according to the Mortgage Bankers Association’s weekly report while mortgage rates continue to fall. The (MBA) stated that the seasonally adjusted composite index increased 4.7%, and the seasonally adjusted purchase index grew by 4.00% from last week. The average 30-year fixed rate mortgage fell to the lowest rate seen since November of last year, averaging 4.58% while the 15-year fixed-rate mortgage also decreased 0.4%, averaging 3.68%. Experts suggest that the growth in mortgage applications and decrease in rates could be an indicator for a strong spring housing market. More here

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