According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Rates were up across most loan categories including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase led to a 1 percent drop in the number of borrowers seeking loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says demand for loans has been sensitive to rate fluctuations. “Mortgage applications continued to show sensitivity to rate movements, and both purchase and refinance activity decreased over the week,” Kan said. “With housing supply low and prices high, the average loan size of purchase applications increased to the highest level since May 2022.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
