According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose again last week. Rates were up from one week earlier 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 it was the sixth-consecutive week rates increased. “Mortgage rates jumped to their highest level in almost three years, pushing borrowers to the sidelines,” Kan said. “The 30-year fixed rate increased for the sixth-consecutive week to … the highest rates since November 2023.” As a result, demand for mortgage loan applications fell 6 percent week-over-week, with purchase demand 4 percent lower. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
