There was a decline in mortgage applications in the week ending September 15 as mortgage rates began to rise after a lengthy decline
There was a decline in mortgage applications in the week ending September 15 as mortgage rates began to rise after a lengthy decline.
The Mortgage Bankers Association reports that the seasonally-adjusted Market Composite Index was down 9.7% while the unadjusted index was down 12% from a week earlier.
The refinance index was down 9% while the purchase index was down 11% seasonally-adjusted and down 10% unadjusted.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.04% from 4.03% but eased to 3.99% from 4% for jumbo loans.
FHA-backed 30-year FRMs increased to an average 3.97% from 3.94% and 15-year FRMs increased to 3.35% from 3.30%.
Data from Freddie Mac also shows the upward trajectory of mortgage rates.
30-year FRMs averaged 3.83% with an average 0.5 point for the week ending September 21, 2017, up from last week when it averaged 3.78%.
15-year FRMs averaged 3.13% with an average 0.5 point, up from last week’s 3.08%.
5-year ARMs averaged 3.17% this week with an average 0.4 point, up from last week’s 3.13%.
The Mortgage Bankers Association reports that the seasonally-adjusted Market Composite Index was down 9.7% while the unadjusted index was down 12% from a week earlier.
The refinance index was down 9% while the purchase index was down 11% seasonally-adjusted and down 10% unadjusted.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.04% from 4.03% but eased to 3.99% from 4% for jumbo loans.
FHA-backed 30-year FRMs increased to an average 3.97% from 3.94% and 15-year FRMs increased to 3.35% from 3.30%.
Data from Freddie Mac also shows the upward trajectory of mortgage rates.
30-year FRMs averaged 3.83% with an average 0.5 point for the week ending September 21, 2017, up from last week when it averaged 3.78%.
15-year FRMs averaged 3.13% with an average 0.5 point, up from last week’s 3.08%.
5-year ARMs averaged 3.17% this week with an average 0.4 point, up from last week’s 3.13%.
