Mortgage rates were unable to continue their rate declines into the second half of April as average rates increased during the week ending April 23, while refinancing decreased.
According to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association, the average rate for 30-year fixed-rate mortgages edged up by 0.04 percentage points to hit 5.08 percent for the week. The increase sliced into the 0.13 percentage point decrease seen during the average rate one week prior.
Similarly, the average rate for 15-year FRMs also jumped up by 0.04 percentage points during the week as it rose to 4.38 percent. The increase came after a 0.11 percentage point decrease in the average rate seen the week prior.
Perhaps because of the rising rates, the total volume of mortgage loan applications fell by 2.9 percent on a seasonally adjusted basis from one week earlier. Of those, refinance applications fell by 8.8 percent from the previous week while purchase applications increased by 7.4 percent.