Apr 12, 2012 0
According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates fell to their lowest level since March 9 last week. The average contract interest rate for 30-year fixed-rate mortgages dropped to 4.10 percent from 4.16 percent the week before. But, despite the drop, the Market Composite Index, which measures total mortgage loan application volume, was also down, slipping 2.4 percent from the week before. Both the Refinance and Purchase Index decreased slightly, though no adjustment was made for Good Friday. Also in the report, the refinance share of mortgage activity was 70.5 percent and the share of applications for investment properties increased to 8.3 percent, up from 7.4 percent in February. More here.