US Mortgage Rates Rise: Applications fall

According to the Mortgage bankers Association, Mortgage applications in America that were filed last week tumbled a seasonally adjusted 20.3 percent compared to the week before, this was due to the rates on fixed rate mortgages increasing according to the report that was out on Wednesday.

The Washington-based Mortgage Bankers Association’s weekly report covers half of all US retail residential mortgage applications and also reported a decrease of 43.4 percent in application volume.

Mortgage applications to buy a new property fell a seasonally adjusted 13.9 percent compared to the week previous and re-Mortgaging applications dropped 27.8 percent last week, compare to the week before.

Rates on Fixed-rate Mortgage deals went up last week, with the average 30-year fixed-rate up from 6.26 percent the previous week to 6.47 percent. The average 15-year fixed-rate mortgage is up from 6.01 percent to 6.14 percent from the week previous.

Source: Marketwatch