Decade Low Mortgage Rates Continue to Attract Refinancers

The Mortgage Bankers Association [MBA] today released its Weekly Mortgage Applications Survey for the week ending March 27, 2009. According to the survey, mortgage loan application volume increased by 3.0%, on a seasonally adjusted basis, from one week earlier, while refis increased to 79.1% of total applications from 78.5% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.61%from 4.63%. The contract rate carries the lowest rate since the MBA began its weekly surveys in 1990.

The 15-year fixed-rate mortgage dropped to 4.45% from 4.48% and the one-year adjustable-rate mortgage decreased to 6.20% from 6.22% the preceding week. [via MBA]

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