Mortgage Rates Fall To New All Time Low

According to the Mortgage Bankers Association's Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.17 percent last week from 4.23 percent the week before. The 30-year rate is the lowest in the history of the survey, falling below the previous low of 4.21 percent the week ending October 8, 2010. The Market Composite Index, which measures total loan application volume, increased 6.3 percent, due to a 7.0 percent spike in purchase activity and a 6.0 percent jump in the Refinance Index. More here and here.