The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%.
Applications for a loan to purchase a home increased 3% for the week but were 16% lower than the same week one year ago.
WASHINGTON (AP) — U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy.
Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not quite as motivated.
If you’re thinking about getting a mortgage, you might be concerned that mortgage interest rates may creep up in August after falling steeply since the start of the pandemic. The good news is experts expect rates to stay at or near historic lows in August 2020.