Interest rates for most mortgage types offset the prior week’s figures and declined in the first full week of February as the volume of mortgage applications declined once again, according to the Zillow Mortgage Rate Monitor.
The real estate website reported that the average rate for 30-year fixed-rate mortgages declined by 0.06 percentage points to hit 4.81 percent for the week ending February 9. The rate had declined for the first time in 2010 the week prior as it rose by 0.02 percentage points.
However, unlike the longer-term rate, 15-year FRMs actually increased for the second straight week, edging up by 0.01 percentage point from the previous week’s figure to hit 4.27 percent.
The average rate for 5/1 adjustable-rate mortgages saw the largest declines of the week, falling 0.14 percentage points to hit 3.7 percent for the week.
While most average weeks fell over the course of the week, so did the volume of mortgage requests as they declined by 9.4 percent from the week prior. The breakdown of the application types remained largely unchanged from the week prior, as refinance claims increased by 0.02 percentage points to 34.7 percent while home equity loans dipped from 2.1 to 1.9 percent for the week.