Consumers looking to get out of debt by refinancing their mortgage received good news on Wednesday as a new survey from the Mortgage Bankers Association found that interest rates declined over the last week of January
According to the latest Weekly Mortgage Applications Survey for the week ending January 29, the average rate for 30-year fixed-rate mortgages decreased by 0.01 percentage point to 5.01 percent from 5.02 percent. The week prior the rate had undergone a slight adjustment in the opposite direction as it increased by 0.02 percentage points.
The average rate for 15-year FRMs followed suit as it fell by 0.01 percentage points as well to 4.33. The decline offset the 0.01 percentage point increase the rate had seen one week earlier.
One-year ARMs saw their average rate decline the most for the week as it fell 0.14 percentage points to 6.7 percent for the week. The sizable decrease offset the 0.12 percentage point increase the average rate experienced the week prior.
Likely driven somewhat by the decreased rates, the survey also found that the volume of mortgage applications increased by 21 percent for the week on a seasonally adjusted basis.