Mortgage apps fall for third time in four weeks

by MPA13 Mar 2014
Mortgage applications have fallen as interest rates rose last week.

New data from the Mortgage Bankers Association shows that mortgage applications fell 2.1% last week. The fall marks the third time in the past four weeks applications have dropped, with mortgage interest rates trending upward.

The average interest rate on 30-year fixed FHA mortgages rose from 4.13% to 4.18%. The rate for 30-year fixed-rate conforming loans grew from 4.47% to 4.52%, while 30-year fixed rate jumbo loans rose from 4.37% to 4.41%.

The average rate for 15-year fixed-rate mortgages saw a marginal rise from 3.52% to 3.53%, while the 5/1 ARM average grew from 3.09% to 3.18%.

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