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Mortgage Rates Higher In Latest Survey
Dated: October 20 2022
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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week. Rates increased from the week before across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The increases contributed to a 2 percent decline in demand for home purchase loans.
Mike Fratantoni, MBA’s senior vice president and chief economist, says higher rates have slowed demand. “Application volumes for refinancing and home purchases declined and continue to fall further behind last year’s record levels,” Fratantoni said. “The news that job growth and wage growth continued in September is positive for the housing market, as higher incomes support housing demand.” Last week, overall demand for mortgage applications was 2 percent lower than the week before. The MBA’s weekly survey covers 75 percent of all retail and residential mortgage applications and has been conducted since 1990.
In the Southwest Florida market, we will likely see more interest in cash purchases and assumable loans such as VA loans.
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