30-year mortgage rate falls to 6.87% from 7.00% (Il Sole 24 Ore Radiocor) - Washington, 17 Jul - Mortgage applications in the US rose 3.9% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending July 12.

The Refinance Index increased 15% from the previous week, and was 37% higher from a year ago.

The seasonally adjusted Purchase Index fell 3% from a week earlier while the unadjusted Purchase Index rose 22% 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 6.87% from 7.00%.

'Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower. The 30-year fixed rate declined to 6.87 percent, the lowest rate since March 2024,' said Joel Kan, MBA's Vice President and Deputy Chief Economist.

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(RADIOCOR) 17-07-24 19:27:34 (0665) 5 NNNN