According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. Rates saw slight increases for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates for loans with jumbo balances and 5/1 ARMs both saw declines week-over-week. Mike Fratantoni, MBA’s senior vice president and chief economist, says loan application demand also fell. “Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching … its highest level since early May – despite incoming data indicating somewhat slower economic growth,” Fratantoni said. “After adjusting for the Memorial Day holiday, both purchase and refinance application volumes were down, with purchase activity specifically 13 percent below last year’s level.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
