30-year mortgage rate falls to 7.02% from 7.07% (Il Sole 24 Ore Radiocor) - New York, 12 Jun - Mortgage applications in the US rose 15.6% on a seasonally adjusted basis from one week ago, according to data from the Mortgage Bankers Association (MBA) for the week ending June 7.

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

The seasonally adjusted Purchase Index increased 9% compared with a week ago while the unadjusted Purchase Index rose 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) fell to 7.02% from 7.07%.

'Mortgage rates were trending lower over the course of last week until a stronger than anticipated employment report resulted in a bounce back, with the weekly average for the 30- year fixed mortgage rate decreasing to 7.02 percent,' said Mike Fratantoni, MBA's SVP and Chief Economist. 'Lower rates earlier in the week meant a strong increase in refinance activity, particularly for VA borrowers, who jumped on the chance to lower their rates. Overall refinance activity was more than 27 percent above one year ago.'.

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(RADIOCOR) 12-06-24 18:42:00 (0612) 5 NNNN