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Mortgage Rates Moved Higher Last Week
Dated: May 30 2023
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According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased from one week earlier. 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.
Joel Kan, MBA's vice president, and deputy chief economist, says several economic factors push rates higher. "Investors remained attuned to the uncertainty around the U.S. debt ceiling and communication from several Federal Reserve officials last week, which sent Treasury yields higher, along with mortgage rates," Kan said. "Economic data released over the past week have also pointed to a still-resilient economy. The housing market received positive data on new residential construction – which is seen as a key solution to the lack of housing inventory." Higher rates led to slower demand for mortgage applications, with the purchase and refinanced activity falling from the previous week. The MBA's weekly survey has been conducted since 1990, covering 75 percent of all retail and residential mortgage applications.
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