Mortgage Loan Rates Rise for 2nd Straight Week
On an unadjusted basis, the composite index decreased by 12% week-over-week. The seasonally adjusted purchase index decreased 7% compared to the week ended February 6. The unadjusted purchase index fell by 2% for the week and remains 1% higher year-over-year.
Adjustable rate mortgage loans accounted for 5.3% of all applications, down from 5.7% in the prior week.
The MBA’s refinance index decreased 16% week-over-week, and the percentage of all new applications that were seeking refinancing declined from 69% in the prior week to 66%.
The FHA share of all applications rose from 14.1% a week ago to 15.2%, and the VA share decreased from 8.3% to 8.0%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.84% to 3.93%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.90% to 3.92%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.15% to 3.24%.
The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.07% to 3.09%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.72% to 3.73%.