The Mortgage Bankers Association’s (MBA) weekly application survey has been doing a good job of tracking with the more granular daily rate data from MND. Both are in agreement that rates were on their way up to the highest levels in several months last week–a fact that seems to have taken a toll on both purchase and refinance applications. “Mortgage rates jumped to their highest level since February last week, with investors concerned about rising inflation and the impact of increasing deficits and debt,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Higher rates, including the 30-year fixed rate increasing to 6.92 percent, led to a slowdown across the board. However, purchase applications are up 13 percent from one year ago.” Here’s the full breakdown on MBA’s surveyed rates from last week:
30yr Fixed: 6.92% (+0.06) | Points: 0.69 (+0.01)
Jumbo 30yr: 6.94% (+0.09) | Points: 0.72 (+0.23)
FHA: 6.60% (+0.01) | Points: 0.96 (+0.07)
15yr Fixed: 6.21% (+0.09) | Points: 0.72 (+0.13)
5/1 ARM: 6.16% (+0.07) | Points: 0.36 (−0.38) MND NewsWireRead More