Mortgage Loan Rates Continue to March Higher | Armonk NY Homes

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 5.5% in the group’s seasonally adjusted composite index following a rise of 1% for the previous week. Mortgage loan rates increased again last week on three of four loan types.

The seasonally adjusted purchase index decreased by 6% from the prior week’s report to its lowest level in a year. On an unadjusted basis, the composite index decreased by 6% week-over-week. The unadjusted purchase index decreased by 9% for the week, and is 12% lower year-over-year.

Mortgage rates continue to creep up and home sales continue to slip. An MBA executive noted:

Mortgage applications fell further last week, with the market index falling to its lowest level in more than a dozen years. Both purchase and refinance applications fell as interest rates increased going into today’s Federal Open Market Committee meeting.

The MBA’s refinance index decreased by 24%, after dropping by 2% in the previous week. The share of refinancings rose by a point, totaling 66% of all applications. Adjustable rate mortgage loans account for 8% of all applications, unchanged from the prior week.