Rates Mostly Flat As Purchase Activity Gains

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week. Rates for 30-year fixed-rate loans with conforming and jumbo balances were down slightly, while 15-year fixed-rate mortgages saw no movement. Loans backed by the Federal Housing Administration increased from the week before. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said demand for loans to buy homes was also up. “We saw a good week for the spring home buying seasons, as a 5 percent increase in purchase applications – both weekly and year-over-year – drove the results,” Kan said. “Average loan amounts also stayed elevated, with government purchase applications rising to the highest in the survey. Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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