According to the Mortgage Bankers Association's Weekly Applications Survey, mortgage rates increased last week across all loan categories, including 30-year fixed-rate loans with conforming and jumbo balances, mortgages backed by the Federal Housing Administration, and 15-year fixed-rate loans. Naturally, the increase caused a decline in refinance and purchase activity during the week. In fact, refinance demand fell 16 percent from the week before and purchase activity fell 7 percent. Michael Fratantoni, MBA's chief economist, said mortgage rates hit their highest level since the beginning of the year and, as a result, mortgage application volume dropped. According to Fratantoni, refinance volume fell particularly for larger loans, resulting in an almost $25,000 drop in the average refinance loan size. It was the second consecutive week mortgage rates increased after falling to a 19-month low earlier this month. Even with all of this, Jacksonville, NC, managed to continue on track with home sales holding steady and loans being made. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgages. More here.
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