Mortgage rates see slight increases
Rates mostly rise on weekly basis
Mortgage rates largely saw upward movement week-over-week, 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 March 15, 2013, fixed mortgage rates saw slight increases while rates for adjustable-rate mortgages (ARMs) dipped.
Average rates for 30-year fixed-rate mortgages rose to 3.82 percent, up from 3.81 percent the previous week. These rates refer to 30-year fixed mortgages with conforming loan balances of $417,500 or less, although similar small increases were seen for other types of 30-year fixed mortgages, as well.
Jumbo (those with loan balances greater than $417,500) 30-year fixed-rate mortgages rose to an average rate of 3.95 percent from 3.90 percent one week earlier, while FHA-backed 30-year fixed-rate mortgages remained even at an average rate of 3.53 percent.
In addition, 15-year fixed-rate mortgages increased slightly to 3.02 percent from 3.01 percent the previous week. Rates for 5-year ARMs, however, dropped week-over-week, falling from 2.62 percent to 2.59 percent.
Refinance activity continues to fall
Overall, the MBA said, mortgage activity dropped 7.1 percent on a weekly basis. Activity is measured by mortgage application volume.
The MBA’s Purchase Index fell 4 percent on a weekly basis, while its Refinance Index dropped even more – 8 percent week-over-week.
The total share of mortgage activity associated with mortgage refinancing continued its recent decline, dropping to 75 percent of total applications. One week earlier, the refinance share stood at 76 percent of total applications.