Mortgage Loan Rates Ticked Higher Last Week

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The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning. It noted a week-over-week decrease of 9% in the group’s seasonally adjusted composite index for the week ending February 6, following a rise of 1.3% for the week ending January 30. Mortgage loan rates increased on all five types of loans during the week.

On an unadjusted basis, the composite index decreased by 7% week-over-week. The seasonally adjusted purchase index decreased 7% compared to the week ended January 30. The unadjusted purchase index fell by 1% for the week and is now 1% higher year-over-year.

Adjustable rate mortgage loans accounted for 5.7% of all applications, up from 5.3% in the prior week.

The MBA’s refinance index decreased 10% week-over-week, and the percentage of all new applications that were seeking refinancing declined from 71% in the prior week to 69%.

The FHA share of all applications rose from 13.1% a week ago to 14.1%, and the VA share decreased from 8.5% to 8.3%.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.79% to 3.84%, the highest level since January 9. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.82% to 3.90%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.14% to 3.15%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.03% to 3.07%. The rate on a 30-year FHA-backed fixed rate loan rose from 3.69% to 3.72%.

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