Last week we reported applications for home mortgage loans were on the decline from the week before. Applications for home mortgage loans rebounded this week as homeowners took advantage of the drop in mortgage interest rates; interest rates are currently at a two month low. A survey of mortgage lenders this week stated the index of mortgage applications, an indicator that measures the volume of mortgage applications, was up 6.8 percent to 771.6 last week. This index dropped 4.5 percent in the week before; the home purchase index was up 6.1 percent to 499.1. The survey’s mortgage refinancing index rose 7.7 percent to 2,357.1, after a decline of 5.4 percent the week before. Fixed 30 year mortgage interest rates dropped 9 points, or .09 of a percentage, to 5.64 percent, down from 5.73 percent the week before. This is the lowest mortgage interest rate since early in July when it was 5.62 percent. The fixed 30 year mortgage interest rate is lower than the high 6.08 percent reached in earlier this year, it is still above the June low of 5.47 percent; this mortgage interest rate is still lower than it was this time last summer.
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