Data from Freddie Mac shows that the average mortgage rate for a 30 year fixed rate mortgage was 4.05% in the week ending May 11, slightly up from 4.02% in the previous week.
An average 15-year FRM was 3.29%, up from 3.27% and an average 5-year adjustable-rate mortgage was 3.14%, up from 3.13%.
Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4 percent mark," said Freddie Mac’s chief economist Sean Becketti.
The rates have held fairly steady for 4 weeks and the latest figures from the Mortgage Bankers’ Association (w/e May 5) show that mortgage applications were up 2.4% on a seasonally-adjusted basis, according to its Market Composite Index.
On an unadjusted basis the index was up 3% compared to the previous week.
The refinance index was up 3%, while the purchase index gained 2% on both an adjusted and unadjusted basis. The adjusted purchase index hit its highest level since October 2015 while the unadjusted index jumped 6% compared to the first week of May 2016.
Refinance mortgage applications made up 41.9% of the total applications made in the week ending May 5, up from 41.6% a week earlier. The share of applications included 10.5% FHA, 10.8% VA, 0.8% USDA.
More market update:
There has been an increase in the number of new mortgage applications as mortgage rates remain relatively stable.