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Mortgage Rates Mostly Calm Last Week
Dated: October 20 2022
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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly calm last week, after two consecutive weeks of declines. There was only a slight movement among different loan types. For example, rates increased for 30-year fixed-rate loans with both conforming and jumbo balances but were down for loans backed by the Federal Housing Administration.
Rates for 15-year fixed-rate mortgages were unchanged from the week before. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says mortgage applications were mainly flat as a result. “Mortgage applications were relatively flat, with a decline in purchase activity offset by an increase in refinance applications,” Kan said. “The purchase market continues to experience a slowdown, despite the strong job market. Activity has now fallen in five of the last six weeks.” Demand for loans to buy homes fell 1 percent from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail, residential mortgage applications.
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