Interest rates for conforming mortgages have fallen to their lowest level in over a year and a half, according to the Mortgage Bankers Association.
The Washington-based trade group said in a press release Wednesday that rates for 30-year fixed-rate loans dropped to 4.08%, or seven basis points lower than a week earlier.
For the first time in
Meanwhile, the average interest rate for 30-year loans insured by the Federal Housing Administration fell 5 basis points, to 3.85%. Rates for adjustable-rate loans climbed 1 basis point, to 3.07%.
Mortgage applications fell over the Thanksgiving holiday,
Refinance application volume was down 13% from last week on an unadjusted basis, while seasonally adjusted purchase volume increased by 3%.