30-year mortgage rate falls to 7.18% from 7.29% (Il Sole 24 Ore Radiocor) - New York, 08 May - Mortgage applications in the US rose 2.6% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending May 3.

The Refinance Index grew 5% from the previous week, but was 6% lower from a year ago.

The seasonally adjusted Purchase Index increased 2% compared with a week ago while the unadjusted Purchase Index also grew 2% from a week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (766,550 dollars or less) fell to 7.18% from 7.29%.

'Treasury rates and mortgage rates fell last week on the news of a slowing job market, with wage growth at the slowest pace since 2021, and the Federal Reserve's announced plans to ease quantitative tightening in June and to maintain its view that another rate hike is unlikely," said Mike Fratantoni, MBA's senior vice president and chief economist.

"The conventional 30-year rate dropped 11 basis points, and the FHA rate fell 17 basis points to 6.92 percent, back below 7% for the first time in three weeks.'.

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(RADIOCOR) 08-05-24 15:07:29 (0476) 5 NNNN