According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly unmoved last week from one week earlier. Rates for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, and 5/1 ARMs all saw slight decreases week-over-week, while rates for jumbo loans and 15-year fixed-rate loans both increased. Joel Kan, MBA’s vice president and deputy chief economist, says mortgage demand was also relatively flat. “Purchase activity picked up slightly, driven by increases in FHA and VA applications,” Kan said. “Refinance applications decreased for the fourth consecutive week, in line with higher rates.” Refinance activity was down 2 percent from the previous week, while demand for loans to buy homes saw a 1 percent increase. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
