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Refinance Rates Increase Sending Refinance Mortgage Applications Lower

Bond yields rose slightly this past week causing refinance rates to increase which lowered the demand for refinance mortgage applications. The Mortgage Bankers Association's Weekly Application Survey showed an increase in average 30 year conforming mortgage rates and 30 year jumbo mortgage rates.

Mortgage rates today on 30 year conforming loans increased to 3.88 percent with 0.40 points for the week ending June 22, 2012. In the prior week's survey the average 30 year conforming mortgage rate was at 3.87 percent with 0.49 points.

Overall mortgage applications decreased 7.1 percent from one week prior. The Refinance Index decreased 8 percent from one week earlier and the Purchase Index decreased 1 percent from one week earlier.

Average current mortgage rates are at 4.12 percent with 0.35 points for the week ending June 22, 2012. In the previous week's survey the average 30 year jumbo mortgage rate was at 4.06 percent with 0.38 points.

FHA mortgage rates decreased in this week's survey which didn't help demand for FHA refinance loans. The decrease in average FHA refinance rates was only 1 basis point this week. The average FHA rate is at 3.71 percent with 0.46 points, down from last week's average of 3.72 percent with 0.47 points.

Conforming 15 year mortgage rates also decreased for the week ending June 22, 2012. Today's mortgage rates on 15 year conforming loans are averaging 3.24 percent with 0.44 points, a decline from the prior week's average 15 year mortgage rate of 3.25 percent with 0.45 points.

5 year adjustable mortgage rates were higher in this week's survey. Current mortgage rates on 5 year adjustable home loans are averaging 2.81 percent with 0.41 points. The average 5 year adjustable mortgage rate is up from the previous week's average of 2.75 percent with 0.33 points.

Another mortgage rate survey to be released today by Freddie Mac will probably show a slight increase in average mortgage rates this week. Freddie Mac's Primary Mortgage Market Survey is a more current survey which will show where average mortgage rates today are.
Author: Brian McKay
June 28th, 2012