Mortgage interest rates rose last week, but that didn't throw any cold water on the mini refinance boom that's been going on for the past month.
Mortgage interest rates rose last week, but that didn't throw any cold water on the mini-refinance boom that's been going on for the last month.
Applications for loans to purchase a home, however, came in weaker. Consequently, total mortgage application volume was essentially flat, rising just 0.5% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. Despite the slight rate increase, applications to refinance a home loan rose 4% from the previous week and were 199% higher than the same week one year ago. At this time last year, the average rate on the 30-year fixed was 118 basis points higher, at 5.10%.
"Purchase applications slowed for the second week in a row," said Joel Kan, the MBA's associate vice president of economic and industry forecasting. "While near-term economic uncertainty is still a factor, other fundamental issues, such as a lack of housing inventory in many markets, is preventing purchase activity from meaningfully rising."
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