Freddie Mac reported in their June 23rd survey that 30-year fixed-rate mortgages rose to 3.56% from 3.54% the previous week. They also noted that last year at this time the 30-year rate was at 4.02%. Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac
The MBA reported on June 22nd (for the week ending June 17th) that 30-year rates with conforming loan balances ($417,000 or less) declined, from 3.79% to 3.76%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) fell to 3.70% from 3.75%. Rates for FHA backed mortgages were unchanged from the previous week at 3.61%%.
Mortgage applications increased by 2.9% from the previous period. Refinance applications as a percentage of all applications moved up from 55.3% to 57.7%. The FHA share of applications declined to 11.7% from 11.8% and the VA was unchanged at 11.1%. Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association
On June 24th, HSH.com Market Trends reported that 30-year mortgage rates rose from 3.62% to 3.66% while rates for FHA-backed mortgages also moved upward, to 3.50% from 3.49%. Additional information from HSH can be found by going to: HSH.Com