Average Mortgage Rates Up Week Over Week

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up 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. The increases coincided with falling demand for mortgage loan applications. The refinance index was down 4 percent week-over-week and the purchase index was down 1 percent. Joel Kan, MBA's associate vice president of economic and industry forecasting, says demand from home buyers was mixed last week. “Purchase applications also saw a mixed result, with conventional purchase applications down and government purchases up,” Kan said. “Government purchase loans, such as FHA loans, are typically popular with first-time buyers.” The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

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