According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. Rates fell slightly for 30-year fixed-rate loans with both conforming and jumbo balances but were unchanged for 15-year fixed-rate loans and loans backed by the Federal Housing Administration. Steady rates did little to spark demand, however, as both refinance and purchase activity were also flat from the week before. Mike Fratantoni, MBA’s senior vice president and chief economist, says purchase demand continues to run ahead of last year. “Mortgage rates changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting,” Fratantoni said. “Purchase application volume edged slightly lower, while refinance activity posted modest gains. Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8 percent above year-ago levels.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
