According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased again last week. Rates were up 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 higher rates have increased interest in adjustable-rate mortgages. “These higher mortgage rates are keeping prospective home buyers out of the market and continue to suppress refinance activity,” Kan said. “The ARM share of applications inched up to 9.5 percent, its highest since November 2022.” Still, despite higher rates, demand for mortgage applications was relatively unchanged week-over-week, with a decline of just 1 percent from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
