Housing

Mortgage Loan Rates Tick Higher

Housing Patterns
Thinkstock
The Mortgage Bankers Association (MBA) released its latest report on mortgage applications Wednesday morning. It noted a week-over-week decrease of 2.3% in the group’s seasonally adjusted composite index for the week ending April 10, following an increase of 0.4% for the week ending April 3. Mortgage loan rates increased modestly on four types of loans last week and decreased on a fifth.

On an unadjusted basis, the composite index decreased by 2% week-over-week. The seasonally adjusted purchase index decreased 3% compared to the week ended April 3. The unadjusted purchase index decreased by 2% for the week and is now 7% higher year-over-year.

The MBA’s refinance index decreased 2% week-over-week, and the percentage of all new applications that were seeking refinancing rose from 57% to 58%.

Purchase volume dropped last week for the first time in four weeks.

Adjustable rate mortgage loans accounted for 5.4% of all applications, down from 5.5% in the prior week.

The FHA share of all applications rose from 13.2% a week ago to 13.5%, and the VA share increased from 10.7% to 11.1%.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 3.86% to 3.87%. The rate for a jumbo 30-year fixed-rate mortgage increased from 3.81% to 3.84%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.15% to 3.16%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 2.76% to 2.82%. Rates on a 30-year FHA-backed fixed rate loan fell from 3.69% to 3.67%.

ALSO READ: Housing Markets in California Heat Up, Sales of Cheap Homes Surge

Is Your Money Earning the Best Possible Rate? (Sponsor)

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.