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Inflation Concerns Push Mortgage Rates Higher
Dated: March 3 2023
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According to the Mortgage Bankers Association's Weekly Application Survey, average mortgage rates increased last week across all loan categories. Rates were up for 30-year fixed-rate loans with conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. It was the third consecutive weekly increase.
Joel Kan, MBA's vice president and deputy chief economist says inflation concerns are behind the upward trend. "Data on inflation, employment, and economic activity has signaled that inflation may not be cooling as quickly as anticipated, which continues to put upward pressure on rates," Kan said. With higher rates, demand for mortgage loan applications has slowed, dropping 5.7 percent from one week earlier, including a 6 percent decline in demand for home purchase loans. The MBA's weekly survey has been conducted since 1990, covering 75 percent of all retail residential mortgage applications.
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