Mortgage rates at highest point since September
30-year fixed rates increase
Fixed mortgage rates climbed uphill on weekly basis, continuing the trend of rising rates that has been seen in early 2013, the Mortgage Bankers Association (MBA) revealed in its weekly mortgage report.
According to the MBA’s Weekly Mortgage Applications Survey for the week ending February 8, 2013, both 15-year and 30-year fixed-rate mortgages saw average interest rates rise to levels not seen since September 2012.
Average rates for 30-year fixed mortgages with conforming loan balances of $417,500 or less) rose to 3.75 percent from 3.73 percent the previous week, while 15-year fixed mortgages averaged 3.01 percent after averaging 3.00 percent one week earlier.
The 3.75 percent mark for 30-year fixed and 3.01 percent mark for 15-year fixed are each the highest average rate since September, the MBA noted.
Additionally, jumbo (loan balances greater than $417,500) 30-year fixed-rate mortgages rose to an average of 3.98 percent from 3.96 percent the previous week, while FHA-backed 30-year fixed mortgages stayed even week-over-week at 3.53 percent.
Rates for 5-year adjustable-rate mortgages (ARMs) reversed the trend and decreased from 2.72 percent to 2.66 percent on a weekly basis.
Mortgage activity decreases
Overall, mortgage activity declined 6.4 percent week-over-week, the MBA said.
The MBA’s Refinance Index dropped 6 percent on a weekly basis, while its Purchase Index fell 4 percent in the same time frame.