The 30 year fixed mortgage rate decreased by 0.21 percent throughout the week from 6.43 percent to 6.22 percent. 15 year fixed mortgage rates slid down to 5.74 percent from 5.94 percent from the previous week and the 1 year adjustable mortgage rate fell 0.08 percent to 7.16 percent.
Overall mortgage applications were up 1.7 percent to end the week at a volume of 522.2 percent. Refinance applications led the way with an increase of 6.9 percent and conventional purchase applications also increasing 1.4 percent. However, overall purchase applications were down 1.7 percent because government purchase loans showed a decrease of 8.2 percent.
Visit Future Planning Financial for the Mortgage Rate Forecast For July at www.fpf-direct.com.
