The average rate for 30-year fixed loans increased slightly to 3.11% after two weeks of declines.Applications to refinance a home loan fell 3% for the week and were 18% lower than a year ago.Mortgage rates have been on a roller coaster lately, albeit a low-riding one. A mixed picture of rates last week, though, was enough to put the brakes on a recent rise in refinance demand.
The average rate for 30-year fixed loans with conforming balances and a 20% down payment increased slightly to 3.11% from 3.09% after two weeks of declines, according to the Mortgage Bankers Association. The 15-year fixed rate loan, used by about 1 in 5 refinance borrowers, decreased to 2.46%, the lowest level since January.
"The 10-year Treasury yield dropped sharply last week, in part due to investors becoming more concerned about the spread of Covid variants and their impact on global economic growth," said Joel Kan, an MBA economist.
Home prices did
Oh no a .02% increase in mortgage rates caused a dropped in home sales. UNBELIEVABLE!
Just imagine now, what would happen when the interest rates actually spike!?
good
Uh, no. Not at all LMAO
Good. Hope this has negative effects.