WICHITA,KS: (wichitaksrealty.news) According to the Mortgage Banker’s Association weekly survey, nationwide week over week mortgage applications declined 6 percent. This decrease was for both seasonally adjusted and non-adjusted figures.
Average 30 year mortgage rates clicked up to 3.68 percent from 3.62 with a marginal increase in closing points on top of those figures. The average 15 year rates went up to 2.97 percent from 2.93 percent and the average 5/1 ARM stayed the same at 2.92 percent. All the listed figures above are for 80 percent loan to value conforming loans.
The share of activity related to refinance fell to 62.4 percent of all applications with the adjustable rate mortgage share falling to 4.1 percent of this activity.
With the slight increase in rates, it is not uncommon to see adjustable rate mortgages be replaced or not used for refinancing. Couple that with political unknowns and even the election cycle itself and these changes seem minimal. And to top all that off, the markets seem to be wondering how long the federal reserve will maintain their accommodating monetary policy even though it seems to have run out of stream.