30-year mortgage rate falls to 6.15% from 6.29% (Il Sole 24 Ore Radiocor) - Washington, 18 Sep - Mortgage applications in the US rose 14.2% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending September 13.

The Refinance Index increased 24% from the previous week, and was 127% higher from a year ago.

The seasonally adjusted Purchase Index rose 5% from a week earlier while the unadjusted Purchase Index increased 15% 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 6.15% from 6.29%.

'Application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower. The 30-year fixed mortgage rate, at 6.15 percent, is now at its lowest since September 2022 and is more than a full percentage point lower than a year ago,' said Joel Kan, MBA's Vice President and Deputy Chief Economist.

'Refinance applications were up 24 percent - more than double last year's pace, with both conventional and government activity jumping to the fastest pace of refinancing since 2022.'.

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(RADIOCOR) 18-09-24 20:05:47 (0724) 5 NNNN