New Lows in Mortgage Interest Rates – Refinance Applications Surge

Freddie Mac’s Primary Mortgage Market Survey compilation for August 11th shows that the average interest rates on a 30-year fixed mortgage is at 4.32% while a 15-year fixed mortgage is at 3.50%. At the same time, “Applications for refinancing jumped more than 30% this week to their highest levels of the year, and over the past month, refinance application volume has risen by 63%, according to the Mortgage Bankers Association.” http://bit.ly/pRXzRi

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