30-year mortgage rate falls to 7.00% from 7.03% (Il Sole 24 Ore Radiocor) - Washington, 10 Jul - Mortgage applications in the US fell 0.2% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending July 5.

Last week's results included an adjustment for the July 4th holiday.

The Refinance Index decreased 2% from the previous week, and was 28% higher from a year ago.

The seasonally adjusted Purchase Index rose 1% from a week earlier while the unadjusted Purchase Index fell 19% from a week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances (766,550 dollars or less) decreased to 7.00% from 7.03%.

'The recent uptick in mortgage rates has slowed demand.

Mortgage applications were essentially flat last week, as mortgage rates remained around 7 percent,' said Joel Kan, MBA's Vice President and Deputy Chief Economist.

'Purchase activity picked up slightly, driven primarily by increases in FHA and VA applications. Refinance applications decreased for the fourth consecutive week, in line with higher rates. Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates.'.

AAA-Sje

(RADIOCOR) 10-07-24 14:28:32 (0373) 5 NNNN