Mortgage Rates Dip, Spurring Mortgage Applications

Washington, DC, Aug. 4, 2011 — Mortgage applications rose about 7% last week from the week before, according to the Mortgage Bankers Association.

The 30-year fixed rate fell to 4.45% from 4.57% last week — its lowest point since last November.

The 15-year fixed rate also fell to a new record low of 3.52%, down from 3.67% a week earlier.

Applications are still well below last year’s level, MBA said.

Refinance application volume increased, but is still almost 30 percent below last year’s level.