Mortgage applications increased last week driven by a significant uptick in applications for purchase mortgages. Refinance volume rose only fractionally. Overall, applications for mortgages, as measured by the Mortgage Bankers Association's (MBA's) Market Composite Index increased 2.3 percent during the week ended May 20 on a seasonally adjusted basis and were up 2.0 percent unadjusted. This increase of application really had no impact on the 30 year interest rate which moved up only .02%.
National Average Mortgage Rates
| Rate | Change | Points | |
|---|---|---|---|
| Mortgage News Daily | |||
| 30 Yr. Fixed | 3.74% | +0.02 | 0.40 |
| 15 Yr. Fixed | 2.99% | 0.00 | 0.40 |
| 30 Yr. Jumbo | 3.74% | +0.01 | 0.00 |
| Freddie Mac | |||
| 30 Yr. Fixed | 3.58% | +0.01 | 0.60 |
| 15 Yr. Fixed | 2.81% | 0.00 | 0.50 |
| 5/1 ARM | 2.80% | +0.02 | 0.50 |
| Mortgage Bankers Assoc. | |||
| 30 Yr. Fixed | 3.82% | -0.05 | 0.34 |
| 15 Yr. Fixed | 3.06% | -0.07 | 0.33 |
| 30 Yr. Jumbo | 3.74% | -0.05 | 0.31 |
Rates as of: 5/24
MBS and Treasury Market Data
| Price / Yield | Change | |
|---|---|---|
| MBS FNMA 3.0 | 102.16 | -0.02 |
| MBS GNMA 3.0 | 103.28 | 0.00 |
| 10 YR Treasury | 1.8680 | +0.0030 |
| 30 YR Treasury | 2.6530 | +0.0070 |
Pricing as of: 5/25 9:18AM EST
Recent Housing Data
| Value | Change | ||
|---|---|---|---|
| Mortgage Apps | May 11 | 490.5 | +0.43% |
| Building Permits | Mar | 1.09M | -7.73% |
| Housing Starts | Mar | 1.09M | -8.79% |
| New Home Sales | Mar | 511K | -1.54% |
| Existing Home Sales | Mar | 5.33M | +5.13% |
Coal Infantino
Coldwell Banker
(717) 676-5545
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