Mortgage rates mixed in latest survey
Slight rate fluctuations seen
Mortgage rates showed mixed results week-over-week, with slight increases or decreases seen depending on the type of mortgage, the Mortgage Bankers Association (MBA) said in its most recent weekly report.
According to the MBA’s Weekly Mortgage Applications Survey for the week ending January 18, 2013, mortgage rates fluctuated slightly but stayed relatively even on a weekly basis as mortgage activity overall increased.
Mortgage activity – measured by total mortgage application volume across all loan types – rose 7.0 percent on a weekly basis. Mortgage refinancing led the rise in overall mortgage application activity, growing 8.0 percent week over week.
New home purchase activity increased week-over-week in addition to the growth in refinancing activity. The MBA’s Purchase Index rose 3.0 percent on a weekly basis and is now at its highest level since May of 2010, the MBA noted in the report.
30-year fixed rate rises slightly
Average rates for 30-year fixed mortgages (loans with conforming balances of $417,500 or less) rose slightly to 3.62 percent from 3.61 percent the previous week, while average rates for shorter-term 15-year fixed mortgages showed the opposite trend – dropping slightly to 2.87 percent from 2.88 percent one week earlier.
Jumbo (loans with balances greater than $417,500) fell from an average of 3.88 percent to 3.85 percent week-over-week, and FHA-backed 30-year fixed mortgages increased slightly from 3.39 percent to 3.40 percent on a weekly basis.
Rates for 5-year adjustable-rate mortgages (ARMs) showed the most movement, falling to an average of 2.61 percent from 2.66 percent the previous week.