Housing
Mortgage Loan Rates Made Mixed Moves as Applications Fell 5% Last Week
Published:
Last Updated:
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 4.9% in the group’s seasonally adjusted composite index for the week ending June 22. Mortgage loan rate movements were mixed last week.
Mortgage loan rates didn’t show much movement again last week, with the 30-year fixed rate loan ending the week down 0.03%, according to Mortgage News Daily. Barring some unexpected event, this should be another quiet week with 10-year Treasury yields remaining right around their Tuesday level of 2.88%, down by 0.04%.
On an unadjusted basis, the MBA’s composite index decreased by 6% week over week. The seasonally adjusted purchase index also fell by 6% compared with the week ended June 15. The unadjusted purchase index decreased by 7% for the week and was 1% higher year over year.
The MBA’s refinance index decreased by 4% week over week and the percentage of all new applications that were seeking refinancing rose from 36.8% to 37.6%.
Adjustable rate mortgage loans accounted for 6.5% of all applications, down from 7% in the prior week.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage ticked up from 4.83% 4.84%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.79% to 4.70%. The average interest rate for a 15-year fixed-rate mortgage increased from 4.27% to 4.29%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 4.06% to 4.01%. Rates on a 30-year FHA-backed fixed-rate loan slipped from 4.82% to 4.81%.
24/7 Wall St.The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.