According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to a two-month low last week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Joel Kan, MBA's vice president and deputy chief economist, says economic data influenced the decline. “U.S. bond yields continued to move lower as incoming data signaled a softer economy and more signs of cooling inflation,” Kan said. “Most mortgage rates in our survey decreased, with the 30-year fixed mortgage rate decreasing … to the lowest rate in two months.” As a result, demand for mortgage applications rose to its highest level in six weeks, with applications for loans to buy homes up 4 percent from the week before. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
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