The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50% of all residential mortgage originations, and tracks the average interest rate for 30-year and 15-year fixed-rate mortgages as well as 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 shows that the average rate for a 30-year fixed-rate mortgage (from FHA and conforming GSE data) went flat at 4.3% since last week. Purchase application volume increased 6% and refinance application volume declined 7% over the same period. The following charts show the average interest rates for 30-year and 15-year fixed-rate mortgages since 2006 as well as purchase, refinance, and composite loan volumes.