Mortgage Mix: Mortgage Rates Continue to Fall

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.

  • According to the Primary Mortgage Market Survey® from Freddie Mac, last updated Thursday, March 14, 2024, the 30-year mortgage rate sits at 6.74%, while the 15-year mortgage rate currently stands at 6.16%.
  • The latest Weekly Mortgage Application Survey from the Mortgage Bankers Association (MBA) found that mortgage applications increased by 7.1% during the week of March 8, 2024.
  • “Purchase application volume increased for the week but remains about 11% below last year’s level,” said Mike Fratantoni, MBA’s SVP and chief economist. “By contrast, refinance volume picked up by 12%, with a larger, 24% increase in the government refinance index. While these percentage increases are large, the level of refinance activity remains quite low, and we expect that most of this activity reflects borrowers who took out a loan at or near the peak of rates in the past two years.”
  • According to the National Mortgage News, homeowners insurance rates increased nearly 19% in 2023.

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