According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved slightly higher last week. Rates were up from one week earlier across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Only 15-year fixed-rate loans saw a week-over-week decline. But while rates increased, they remain within the same narrow range they’ve been in for months. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been relatively steady. “The combination of the ongoing conflict in the Middle East, current economic conditions, and last week’s FOMC meeting resulted in slightly lower Treasury rates,” Kan said. “However, mortgage rates still edged higher but remained in the same narrow range.” Demand for mortgage applications was also up last week from one week earlier, with higher refinance activity pushing overall mortgage demand 1.1 percent higher. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
