US 30-Year Mortgage Rate Falls to Seven-Week Low of 6.4%

US 30-year fixed mortgage rates fell for a fourth-straight week, though applications to buy a home declined for the first time in a month.

(Bloomberg) — US 30-year fixed mortgage rates fell for a fourth-straight week, though applications to buy a home declined for the first time in a month.

The contract rate slid 5 basis points to a seven-week low of 6.4% in the period ended March 31, Mortgage Bankers Association data showed Wednesday. The group’s index of mortgage applications to purchase a home decreased 3.5%.

Mortgage rates have fallen repeatedly in recent weeks after the collapse of several banks helped drive down Treasury yields, which impact mortgage rates. That said, borrowing costs remain generally high and housing inventory low, keeping a cap on homebuying activity.

The MBA’s index of refinancing applications fell 5.4%, while the overall gauge of mortgage applications declined to a three-week low.

The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.

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