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%.
Mortgage applications have fallen as interest rates rose last week.