According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up last week from one week earlier. Rates rose across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been moving higher in recent weeks. “Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields,” Kan said. “Rates for all mortgage products increased, with the 30-year fixed mortgage rate increasing for the fourth consecutive week …” Because of increasing rates, demand for mortgage applications fell during the week, with demand for loans to buy homes down 6 percent from one week earlier. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
