According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates saw mixed results last week, with little movement from the week before 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. Though steady, rates remain up from last month’s lows and that’s pushed demand for mortgage applications lower, with purchase loan activity down 5 percent last week. Joel Kan, MBA’s vice president and deputy chief economist, says buyers are still in better position than they were last year at this time. “Even though rates have been on a recent upswing, they are over a full percentage point lower than a year ago, which has kept some home buyers in the market,” Kan said. “For-sale inventory has started to loosen, and home-price growth has eased in some markets, providing more options for buyers in combination with these lower rates.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
