This week all mortgage rates have increased compared to the previous week when 1-year mortgage rates were at a record low. This is the second time this year that all mortgage rates rose simultaneously, something that hasn't occurred since January 31, 2013.
Due to this rise in mortgage rates, there has been an big decrease in mortgage applications this week, which fell 7.3% compared to a week before.
This week 30-year fixed-rate mortgages have gone up to 3.51% compared to last week when they were at 3.42%. This is one of the highest rates we have seen for 30-year mortgages this year.
15-year fixed-rate mortgages also increased to 2.69% this week, well above the 2.61% rate we saw last week.
According to Freddie Mac, 5-year adjustable-rate mortgages also rose to 2.62% this week compared to 2.58% a week ago.
1-year adjustable-rate mortgages were no exception this week, as they also showed a slight increase of 0.02%, rising from 2.53% last week to 2.55% this week. This is the first time 1-year mortgage rates have increased since April 18, 2013.
The only things that have remained constant this week have been the refinance share of mortgage activity and the adjustable-rate mortgages, which remain at 76% and 4% respectively of total applications.