Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends all reported increases in mortgage interest rates in their most recent surveys.
On July 11th, Freddie Mac reported that 30-year fixed-rate mortgages rose to 4.51% from the previous week’s rate of 4.29%. They also noted that last year at this time the 30-year rate was 3.56%.
The MBA in its most recent Weekly Mortgage Applications Survey released July 10th for the week ending July 5th, reported that 30-year rates with conforming loan balances ($417,500 or less) increased to 4.68% (the highest rate since July 2011) from the previous week’s rate of 4.58%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) rose to 4.86% (the highest rate since July 2011) from 4.68% one week earlier. Rates for FHA backed mortgages also increased to 4.37% (the highest rate since September 2011) from the previous week’s rate of 4.27%.
In their press release of July 10th, the MBA reported a decline of 4.0% in mortgage applications. Refinance applications dropped to 64% of all applications while HARP applications increased to 35% from the previous week’s 34%.
Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac
Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association
For Residential and Commercial Real Estate Appraisals please contact:James Hanson AssociatesPhone: (609) 884-9185Email: Info@AppraiseNewJersey.com