Freddie Mac is reporting that the 30 year mortgage rate dipped to 6.58% from 6.61% last week. That is down 50 basis points from the peak reached during the week of November 7 at 7.08%. That high rate was the highest level going back to November 2002.
Earlier today, the weekly mortgage data showed that
- mortgage applications rose 2.2% in the current week.
- Refinance applications which are most sensitive to weekly removes rose 2% over still 86% lower than the same week one year ago
according to Black Knight, there are only 220,000 who can benefit from refinancing at current levels. The mortgage rates have not been this high since the peaks in 2007 and 2008.
Mortgage applications to purchase a home rose 3% for the week but are down 41% from a year ago