Mortgage applications rise as rates ease from year high
On an unadjusted basis, total volume was up 3% from the prior week.
Joel Kan, CMB, MBA’s vice president and deputy chief economist, attributed the rate movement to energy markets and geopolitics.
“After five consecutive weeks of increases, mortgage rates declined slightly last week as oil prices dipped briefly on the hopes of a sustained resolution to the war in Iran,” Kan said.
“The 30-year fixed rate decreased four basis points but remained close to its highest level in a year at 6.77%.”
The conforming 30-year rate fell to 6.77% from 6.81%. Jumbo rates dropped to 6.68% from 6.72%, the 15-year fixed declined to 6.10% from 6.13%, and the 5/1 adjustable-rate mortgage (ARM) rate eased to 5.99% from 6.03%. The Federal Housing Administration (FHA) rate held flat at 6.43%.
