Mortgage rates show mixed results in latest data
30-year fixed rates rise slightly
After declining much of the past few weeks, mortgage rates fluctuated this week, the Mortgage Bankers Association (MBA) said in its weekly mortgage report yesterday.
According to the MBA’s Weekly Mortgage Applications Survey for the week ending October 12, 2012, average mortgage rates showed mixed results – with some mortgage types showing an increase and others showing a decrease.
Average rates for 30-year fixed-rate mortgages (those with conforming loan balances of $417,500 or less) rose to 3.57 percent from 3.56 percent the previous week, while 15-year fixed-rate mortgages averaged 2.87 percent after averaging a slightly higher 2.88 percent one week earlier.
Jumbo (those with loan balances greater than $417,500) 30-year fixed-rate mortgages increased to an average interest rate of 3.81 percent from 3.74 percent the previous week, while FHA-backed 30-year fixed-rate mortgages stayed even at an average of 3.34 percent.
Rates for 5-year adjustable-rate mortgages (ARMs) dropped slightly week-over-week, from 2.60 percent to 2.59 percent.
Mortgage activity decreases
On a week-over-week basis, mortgage applications decreased 4.2 percent, the MBA reported.
The MBA’s Refinance Index dropped 5 percent, while its unadjusted Purchase Index decreased 9 percent on a weekly basis.
Mortgage refinance applications continued to make up the majority of mortgage application activity, totaling an 82-percent share of all activity, the MBA noted.