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Interest Rate Updates for Home Financing and Mortgage Refinance Rates
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October 2018
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Interest Rates on Mortgage Loans Decline Again

Once again, mortgage rates fall again and continued their streak of record breaking interest rates. The fixed 30-year loan fell to 4.55 percent and the 15 year declined to 3.91 percent. The Mortgage Bankers Association posted their weekly application survey and it shows that some folks are taking advantage of record-low mortgage rates.

The mortgage data report underlined the fact that most of the activity is coming from refinancing rather than home buying. The MBA survey showed a 4.5 percent increase in the overall number of home mortgage applications, and a 5.7 percent increase in the number of people who applied to refinance. So that means that mortgage refinancing represented 82 percent of all loan applications. It was notable that bad credit home equity credit line applications declined nearly 5 percent and fixed home equity rate loan application volume dropped over 2%.