This week US mortgage applications have increased by 7.7% compared to last week. This increase in applications has occured despite the fact that mortgage rates have increased quite a bit this week, except for 1-year mortgage rates, which according to Freddie Mac have gone down slightly compared to a week earlier.
30-year fixed-rate mortgages have increased from 3.54% last week to 3.57% this week. This is a very slight increase, but it is one of the highest rates we have seen for 30-year rates in 2013. This week 15-year mortgage rates have also gone up to 2.76% compared to 2.72% last week.
5-year adjustable-rate mortgages have increased from 2.61% to 2.68%. This is the largest increase we have seen in mortgage rates this week.
1-year mortgage rates are the only ones that have decreased this week, although very slightly, from 2.63% last week to 2.62%.
The refinance share of mortgage activity has remained steady this week at 75% of all mortgage applications, and the adjustable-rate mortgage share has decreased from 6% last week to 5% this week.