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Mortgage Rates Increase For Second Week
Dated: October 20 2022
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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased again last week, with rates climbing for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. It was the second consecutive week rates moved higher. The increases played a role in slowing demand for home purchase loans. Demand for home loans was down 2 percent from the week before. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says demand is down right now but may pick back up soon. “Purchase applications have declined in eight of the last nine weeks, as demand continues to shrink due to higher rates and a weaker economic outlook,” Kan said. “However, rising inventories and slower home-price growth could potentially bring some buyers back into the market later this year.” 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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