Refinancing Declines for Third Straight Week

By:
Kara Johnson | November 03, 2010

Mortgage refinance activity declined for the third consecutive week, as interest rates remained stable, according to this week’s market survey by the Mortgage Bankers Association. 

Applications to refinance existing mortgages declined a seasonally adjusted 6.4 percent last week and have declined by an average of 2.7 percent over the past four weeks. Applications for mortgages to purchase homes rose 1.4 percent and are up an average 0.8 percent over the past four weeks.
 
Purchase applications remain depressed overall, down 28.0 percent from the same week one year ago. Comparable data was not provided for refinance activity.
 
Mortgage interest rates showed little change. Average rates on 30-year fixed-rate mortgages rose to 4.28 percent, up from 4.25 percent last week, while average rates on 15-year fixed-rate loans fell to 3.64 percent from 3.67 percent the week before.
 
The effective rate on the 15-year loan was unchanged, as average points paid increased to 1.08 points from 0.96 last week. Average points on the 30-year loan also increased, to 1.07 from 1.00.

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