Mortgage Rates Hold Steady In Latest Survey

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were fairly steady last week from the week before. Rates saw slight increases across all loan categories including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says conditions are stabilizing and conventional purchase loans are up. “Slightly higher mortgage rates last week led to a decrease in application volume. Furthermore, the average loan size for purchase applications increased to a record high, led by a rise in the average size of conventional loans. This suggests that move-up and higher-end buyers have so far become a greater share of the spring market,” Fratantoni said. “Overall, conventional purchase loans are up 2.1 percent relative to last year, indicating that home buyers continue to be inspired by the stable rate environment and the modest increase in housing supply.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

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