Fixed Mortgage Rates Continue To Decline

The cost for Fixed Mortgage rates has continued to remain on the decline according to a weekly applications survey conducted by the Mortgage Bankers Association.

The survey examined nearly 50 percent of all residential mortgage originations and tracked both 30 year and 15 year fixed rate mortgages along with the volume of purchase and refinance applications.

In the latest data pull the agency found that the average for a 30 year fixed mortage rate has declined by 4 basis points to 4.11% since last week. The survey also discovered that purchase applications declined by 0.8% while refinance applications also slipped by 5.2% during the same 7 day period.

The chart shown above offers the average interest rate for 30 years and 15 year fixed rate mortgages since 2006. The chart also indicated purchase, refinance and composite loan volumes over the same time period.

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Are you thinking about refinancing or purchase a home with rates at or near record lows for 15-year and 30-year rates.