Mortgage interest rates decreased in the USA
The average interest rate for a 30-year mortgage (home loan) in the USA decreased to 7.18 percent. Applications increased for the first time in three weeks.
Mortgage Banks Association (MBA) announced mortgage data for the week ending May 3. Accordingly, mortgage applications increased by 2.6 percent last week compared to the previous week.
During this period, applications for purchasing a house increased by 2 percent and refinancing applications increased by 5 percent.
The average interest rate for a 30-year mortgage in the country decreased from 7.29 percent to 7.18 percent last week.
During the same period, the average interest rate for a 15-year mortgage decreased from 6.74 percent to 6.60 percent.
MBA Senior Vice President and Chief Economist Mike Fratantoni said Treasury and mortgage rates fell last week as data showed the job market was slowing and wage growth was at the slowest pace since 2021 and the Fed announced plans to maintain its view that another rate hike is unlikely. he stated.
Fratantoni emphasized that mortgage applications increased for the first time in three weeks.