Thursday

30-year mortgage rates fell, aplications rise

Mortgage rates fell again this week, sending the rate on the 30-year fixed-rate mortgage down for a fifth straight week to its lowest level since February, Freddie Mac reported. The Mortgage Bankers Association's index of applications to buy a home or refinance a loan increased 33.4 percent to 661.7 in the week ended Sept. 12, the highest level since May. any homeowners sought to take advantage of lower interest rates and refinance their mortgages last week, causing the total volume of mortgage applications filed to jump. Applications were still down 1.3% in the week ending Sept. 12, compared with the same week in 2007. The government's pledge to backstop mortgage financiers Fannie Mae and Freddie Mac and stand behind their debt provides reassurance to investors that the mortgage-backed securities issued by the companies are relatively safe investments.

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