The number of applications for home mortage has decreased slightly. This is despite the rate of interest being the lowest ever. The interest rate were as low as below 5 percent , an industry group confirmed. The low interest have not been effective in attractive borrowers for refinancing their mortgage payments.
The Mortgage Banker’s Association has released data showing a decline in the applications received. It has been as much as 15% on a week basis.
The 30-year fixed rate mortgage has not been impacted much though. The rate of interest for the plan remained stable. There was a slight increase in the rate of 15 year fixed rate mortgage.
