Refinance Applications Rise While Fixed Rate Mortgage Interest Rates Establish New Lows

The Mortgage Bankers Association’s (MBA) weekly application survey results for the week ending July 14th revealed that overall mortgage application volume increased 16.9% on a seasonally adjusted basis from the previous week. Refinance application activity rose 22% and “represented 80.1% of all mortgage applications compared to 77 percent during the week ended July 6.”

Average mortgage interest rates for 30-year fixed rate mortgages decreased to 3.74% from 3.79% while average 15-year fixed mortgage rates averaged 3.12%, decreasing from 3.15%.

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