Average Mortgage Rates Up In Latest Survey

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased slightly last week, though they remain near historic lows. Rates rose across all loan categories, including 30-year fixed-rate loans with conforming and jumbo balances, mortgages backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase follows the previous week’s decline, which brought rates to their lowest level since May 2013. In recent weeks, average mortgage rates have been trending downward, causing a spike in refinance activity. With last week’s rate increase, however, the MBA’s Refinance Index dropped 10 percent from the week before and the refinance share of total mortgage activity fell to 69 percent from 71 percent the previous week. Purchase activity also fell, slipping 7 percent from one week earlier, though it remains 1 percent above year-before levels on an unadjusted basis. The MBA’s weekly survey covers 75 percent of all retail residential mortgage applications and has been conducted since 1990. More here.

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