Mortgage Rates Mostly Steady Last Week

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. There was little change across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. However, though rates were virtually unchanged, demand for mortgage applications moved lower, with both purchase and refinance activity posting declines. Joel Kan, AVP of economic and industry forecasts for the MBA, said there are a few factors that may have led to the decreases. “The 30-year fixed-rate mortgage held steady over the week, but total applications decreased overall,” Kan said. “Purchase applications may have been adversely impacted by the recent uptick in rates and the significant stock market volatility we have seen the past couple of weeks.” Still, despite the dip, demand for loans to buy homes was just 0.4 percent lower than during the same week last year when rates were lower. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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