Mortgage Rates Take a Dip
August 30, 1999
Freddie Mac said that the average rate on 30-year fixed-rate mortgages fell to 7.80% for the week ended August 26, decreasing from the previous week's rate of 7.93%.
In the 15-year sector, fixed-rate mortgages fell to 7.43% from the prior week's 7.53%. A year ago, the rate was 6.61%.
The rate for one-year Treasury-indexed adjustable-rate mortgages averaged 6.22%, increasing from the previous week's average of 6.18%. A year ago, that rate was 5.58%.
The Mortgage Bankers Association's refinancing index dropped to 440.4 for the week ended August 26, down from 449.2 the previous week.
Mortgage loan applications decreased 1.9% from the prior week and refinancings made up 21.2% of the total volume, remaining the same from the previous week.
Meanwhile, the MBA's home purchase index decreased to 271.0 from 271.8 the prior week.