Mortgage Rates Drop to New Low in MBA Survey for Week Ending -July 16th; Avg. Rate is at 4.59%; Refinance Activity Now at a Volume of 79.4% of Total Mortgage Weekly Activity

The Mortgage Bankers Association (MBA) announced their most current data (averages for contract interest rates): 

30 Year Fixed Interest Rate = 4.59 %
15 Year Fixed Interest Rate = 4.05 %
1 Year Adjustable Rate Mortgage = 7.17 %

Source: Mortgage Bankers Association (MBA)

The level of refinance activity was reported to be at 79.4 % 
of the total activity for the weekly survey.  The level of
refinance activity for week ending July 9th was 78.7 %.

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