WASHINGTON–There was a 2.7% increase in mortgage applications nationally last week, according to the Mortgage Bankers Association’s weekly report. But perhaps the bigger news lies in the direction of mortgage rates, which are now near a three-year low. According to the MBA, since 2013 there have only been three other times during which average mortgage rates were lower than today.
The current averages, according to the MBA:
* The 30-year fixed-rate mortgage is at 3.86%, down from 3.94% one week earlier.
* The 15-year fixed was down to 3.10% from 3.19%
* The Jumbo 30-year fixed was at 3.76%, down from 3.82%.