Weekly mortgage applications fall as interest rates rise to highest level in a month

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The benchmark 30-year fixed-rate mortgage rose this week to 3.87 percent, up 13 basis points from 3.74 percent a week ago, according to Bankrate’s weekly survey of large lenders.

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The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to its highest level since May 2011, rising from 4.94% last week to 4.95% this week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.38 percent from 3.35 percent. "Mortgage rates increased to their highest levels in almost a month following a relatively hawkish fed statement last week, driving the decline in refinance activity," Joel Kan an MBA economist, told CNBC.com. "The FOMC announced the.

Mortgage Interest Rates Migrate Upward While weekly mortgage applications fall The highest interest rates in about a month and high home prices took their toll on the mortgage business last week. Total mortgage application volume slipped as interest rates rose, according to the Mortgage Bankers Association.

Mortgage application volume fell 0.5 percent last week from the previous week. Volume on the Mortgage Bankers Association’s seasonally adjusted survey is now 21.5 percent lower than a year ago. A jump in mortgage interest rates had the biggest effect on applications to refinance a home loan.

Mortgage rates were on the rise again, hitting 8-year highs in the week ending 17 th May, following the previous week’s hold, with mortgage applications continuing to fall through mid-May, May’s month.

Mortgage Rates Rise With 1-Year Rates At Highest Level This Year This week all mortgages rates increased , with 1-year rates reaching the highest level we’ve seen since the beginning of the year. However, according to Freddie Mac, fixed-rate mortgages still remain close to the lowest rates we’ve seen this year.

Freddie Mac’s Mortgage Rate Survey explained. research note: freddie Mac’s Primary Mortgage Market Survey (PMMS) is the longest running weekly survey of mortgage interest rates in the United States. Since Freddie Mac launched its survey in 1971, others have begun collecting and reporting mortgage rate information.

The average rate on a 30-year fixed mortgage pushed up to 4.69% in the week ended july 1, up from 4.46% in the prior week, higher though remaining well below the psychological benchmark of 5%.

Mortgage Rundown: May 30, 2019 Mortgage applications fall as interest rates rise. Apr. 25, 2018 7:07 AM ET | By: Gaurav Batavia, Mortgage applications fall as interest rates rise. Apr. 25, 2018 7:07 AM ET | By:.

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