Wednesday, March 7, 2018
Mortgage Purchase Applications Fall, Refinancing Rises
As mortgage rates continued to edge higher, purchase applications for
home mortgages fell a seasonally adjusted 1.0 percent in the March 2
week, shrinking the year-on-year gain of the unadjusted Purchase Index
to just 1.0 percent. But applications for refinancing, which are usually
even more sensitive to interest rates, increased by 2.0 percent from
the previous week, with the refinancing share of mortgage activity
remaining unchanged at 41.8 percent. The average interest rate on
30-year fixed rate conforming mortgages ($453,100 or less) rose 1 basis
point to 4.65 percent, the highest level since January 2014. The
previous week's results included an adjustment for the Presidents' Day
holiday.
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