30-year mortgage rate falls to 6.82% from 6.87% (Il Sole 24 Ore Radiocor) - Washington, 24 Jul - Mortgage applications in the US fell 2.2% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending July 19.

The Refinance Index increased 0.3% from the previous week, and was 38% higher from a year ago.

The seasonally adjusted Purchase Index fell 4% from a week earlier while the unadjusted Purchase Index also fell 4% 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 6.82% from 6.87%.

'Mortgage rates continued to ease, with the 30-year fixed rate dipping to 6.82%, the lowest level since February 2024,' said Joel Kan, MBA's vice president and deputy chief economist. 'Refinance applications were up, driven by conventional and FHA application activity, as some borrowers took the opportunity to act. Furthermore, the conventional refi index was at its highest level since September 2022.'.

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(RADIOCOR) 24-07-24 15:04:48 (0534) 5 NNNN