May 30, 2012
Mortgage Rates Hit Historic Lows
Mortgage applications across the country fell 1.3 percent last week while 30-year mortgage interest rates fell to 3.91 percent, the lowest in the more than 20-year history of the Mortgage Bankers Association’s weekly survey.
The four-week moving average for applications is up 3.23 percent, and the moving average for the refinancing index is up 4.36 percent. Meanwhile, the purchase index average is down 0.67 percent.
Interest rates on other mortgage types – including 15-year fixed loans and those backed by the Federal Housing Administration – also hit record lows.
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