This week mortgage applications increased 14.8% compared to last week, although mortgage rates this week have been topsy-turvy, with some rates increasing, others decreasing and some even remaining unchanged.
30-year fixed-rate mortgages increased slightly from 3.51% last week to 3.52% this week, which is the third highest rate we have seen since the beginning of 2013.
According to Freddie Mac, 15-year mortgage rates are the only ones that have remained unchanged from last week, at 2.76%, although this is still one of the highest rates we have seen in 15-year mortgages this year.
5-year adjustable-rate mortgages have also increased this week to 2.63% compared to 2.61% last week. This is the same rate 1-year mortgages have reached this year.
1-year adjustable-rate mortgages are the only ones that have had a slight decrease, from 2.64% last week to 2.63% this week, although still at a pretty high rate compared to the beginning of the year, which started off with rates as low as 2.53% during the first week of February.
This week the refinance and adjustable-rate share of mortgage activity has remained at the same levels as last year, at 77% and 4% respectively of all mortgage applications.