FX.co ★ US Mortgage Rates Lowest in 7 Weeks: MBA

In the week concluding on December 19th, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan amounts ($806,500 or less) in the United States declined to 6.31%, marking the lowest rate in seven weeks, down from 6.38% in the preceding week, as reported by the Mortgage Bankers Association (MBA). Despite this decrease, mortgage applications continued their downward trend, falling by 5% following a previous 3.8% decline, resulting in the index reaching its lowest level in over three months. Applications for home purchases decreased by 3.7%, while refinancing applications dropped by 5.6%. On the other hand, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (exceeding $806,500) rose to 6.52% from 6.44%. Additionally, the average contract interest rate for 30-year fixed-rate mortgages sponsored by the Federal Housing Administration (FHA) slightly increased to 6.14% from 6.12%.