According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates held steady last week, with only slight changes seen 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. Steady rates helped drive demand for mortgage applications, which saw a 3.7 percent increase from one week earlier. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been steady since the beginning of the year. “Mortgage rates have stayed close to where they started the year, despite swings in Treasury yields because of slowing inflation offset by stronger than expected readings on the job market,” Kan said. “Rates at these levels have not prompted much of a reaction in the refinance market, as most homeowners have mortgages with much lower rates. However, purchase activity has been strong to start 2024 compared to the final quarter of 2023.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
