This week mortgage applications decreased 9.8%, for the second week in a row, while mortgage rates have continued increasing for the third consecutive week.
According to Freddie Mac, although most mortgage rates have increased this week, 1-year adjustable-rate mortgages are still at the second lowest rate we have seen in almost half a decade.
30-year fixed-rate mortgages have gone up from 3.51% last week to 3.59% this week, reaching the second highest rate we have seen this year.
15-year fixed-rate mortgages have also shown a substantial increase, reaching 2.77% this week compared to 2.69% the previous week. This is the third week in a row that 15-year mortgage rates increase.
5-year adjustable-rate mortgages have also increased although very slightly, going from 2.62% last week to 2.63% this week.
1-year adjustable-rate mortgages are the only ones that haven't increased this week, and which have remained fixed at 2.55% just as we saw last week. This is the second lowest 1-rate rate we have seen this year.
The refinance share of mortgage applications has decreased 0.02% this week reaching 74% compared to 76% of all mortgage activity last week. The adjustable-rate mortgage share of activity has increased however to 5% compared to 4% a week earlier.