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Mortgage Rates Increase Again
Dated: October 20 2022
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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose again last week, with increases for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 5/1 ARMs, and 15-year fixed-rate loans. The 30-year fixed rate is now the highest it’s been since 2006. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says higher rates have slowed home buying activity. “The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone,” Kan said. “The steep increase in rates continued to halt refinance activity and is also impacting purchase applications, which have fallen 37 percent behind last year’s pace.”
Demand for loans to buy homes was also down week over week. However, Hurricane Ian impacted results, which drove demand in Florida down 31 percent. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail and residential mortgage applications.
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