The first week following the Federal Reserve’s decision to start cutting interest rates showed some signs of life but no big rally in the real estate industry.
Mortgage rates were particularly quiet this week, according to Freddie Mac’s Sept. 26 survey. The 30-year fixed-rate mortgage averaged 6.08%, down slightly from last week’s 6.09%. The 15-year fixed-rate ticked up to 5.16%.
Applications for mortgages jumped this week, but most of it came from those looking to refinance, according to the Mortgage Bankers Association. MBA’s refinance index rose 20% from the previous week while the purchase index rose only 1%.
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Author: Dave Gallagher
