Mortgage Rates Drop Again!

The benchmark 30-year fixed-rate mortgage fell this week to 3.77 percent from 3.83 percent, according to Bankrate’s weekly survey of large lenders. The 15-year fixed mortgage rate also fell to 3.15 percent from 3.20 percent a week ago. 

The purchase share of mortgage applications was down this week by 1 percent despite falling interest rates, according to data from the latest Weekly Mortgage Applications Survey by the Mortgage Bankers Association, or MBA. 

“Purchase activity was muted, declining almost 1 percent, but was still 10 percent higher than a year ago,”  said Joel Kan, associate vice president of economic and industry forecasting for MBA, in a statement. “Despite low rates, the cloudier economic outlook and ongoing market uncertainty may be keeping some potential homebuyers away from the market this fall.” Bankrate Oct. 3