US mortgage applications rise 1.4% in latest week

30-year mortgage rate falls to 6.29% from 6.43% (Il Sole 24 Ore Radiocor) - Washington, 11 Sep - Mortgage applications in the US rose 1.4% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending September 6.

The Refinance Index increased 1% from the previous week, and was 106% higher from a year ago.

The seasonally adjusted Purchase Index rose 2% from a week earlier while the unadjusted Purchase Index decreased 10% from a week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (766,550 dollars or less) decreased to 6.29% from 6.43%.

'Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate decreasing to 6.29%, the lowest rate since February 2023. Treasury yields have been responding to data showing a picture of cooling inflation, a slowing job market, and the anticipated first rate cut from the Federal Reserve later this month,' said Joel Kan, MBA's Vice President and Deputy Chief Economist.

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(RADIOCOR) 11-09-24 15:59:34 (0475) 5 NNNN