This week mortgage applications have decreased once again by 11.5% compared to last week. Mortgage rates have again skyrocketed well above the minimum rates we saw during the first few months of 2013.
30-year fixed-rate mortgages have increased to 3.91% this week compared to 3.81% last week. This is almost a 0.5% increase compared to a month ago, when 30-year mortgage rates were at 3.42%.
15-year fixed-rate mortgages have also gone up to 3.03% this week compared to 2.98% the previous week. This is a 0.4% increase from last month, when 15-year rates were at 2.61%.
According to Freddie Mac 5-year adjustable-rate mortgages have reached 2.74% this week compared to 2.66% last week. This is the highest rate 5-year mortgages have reached in 2013.
1-year adjustable-rate mortgages have also increased this week, going up from 2.54% last week to 2.58%
This week has also showed a huge decrease of the refinance share of mortgage activity, which dropped from 71% last week to 68% this week. This is the lowest level we've seen in 2 years. The adjustable-rate mortgage share of activity has increased to 6% compared to the previous week.