Rates Remain VERY Affordable, But...
According to Freddie Mac, the rate on 30-year fixed mortgages edged down to 4.11 percent from 4.12 percent a week earlier. Average interest on 15-year fixed home loans, meanwhile, rose to 3.38 percent from 3.37 percent over that same time span, after hitting an all-time low of 3.26 percent two weeks ago.
Demand for home loans, however, slumped nearly 15 percent in the latest weekly survey from the Mortgage Bankers Association. The group's composite index of mortgage applications was down 14.9 percent from the week before, with requests for purchase loans and refinancings sinking 8.8 percent and 16.6 percent, respectively. Refi demand accounted for 77.6 percent of all application volume, down from 79.1 percent in the prior week.
