MBA: Mortgage rates jump as applications fall

Mortgage rates jumped 11 basis points to 3.65 percent since last week, according to the latest mortgage rates data from the Mortgage Bankers Association. The purchase application volume declined 3 percent over the same period.?

By SoldAtTheTop,?Guest blogger / May 22, 2013

The latest mortgage rates data from the Mortgage Bankers Association shows that the average rate for a 30 year fixed rate mortgage jumped 11 basis points to 3.65 percent since last week while the purchase application volume declined 3 percent.

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The?Mortgage Bankers Association?(MBA) publishes the?results of a weekly applications survey?that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as the volume of both purchase and refinance applications.?

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Writer, The PaperEconomy Blog

'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.

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The purchase application index has been highlighted as a particularly important data series as it very broadly captures the demand side of residential real estate for both new and existing home purchases.?

The latest data is showing that the average rate for a 30 year fixed rate mortgage (from FHA and conforming GSE data) jumped 11 basis points to 3.65% since last week while the purchase application volume?declined 3% and the refinance application volume declined 12% over the same period.?

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Source: http://rss.csmonitor.com/~r/feeds/csm/~3/J_zOcvREE1Y/MBA-Mortgage-rates-jump-as-applications-fall

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