The Mortgage Bankers Association (MBA) published the results of its weekly applications survey that covers roughly 50% of all residential mortgage originations. It also tracks the average interest rate for 30-year and 15-year fixed-rate mortgages and the volume of both purchase and refinance applications. The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new- and existing-home purchases.
The latest data is showing that the average rate for a 30-year fixed-rate mortgage (from FHA and conforming GSE data) declined 3 basis points to 3.62% since last week, while the purchase application volume increased 1% and the refinance application volume declined 6% over the same period. The following charts show the average interest rate for 30-year and 15- year fixed-rate mortgages since 2006 as well as the purchase, refinance, and composite loan volumes.